The Journal of Real Estate Finance and Economics

1989 - 2026

Current editor(s): Steven R. Grenadier, James B. Kau and C.F. Sirmans

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Volume 73, issue 3, 2026

Perceptions of Climate Change and the Pricing of Disaster Risk in Commercial Real Estate pp. 385-417

C. Stace Sirmans, G. Stacy Sirmans, Greg T. Smersh and Daniel T. Winkler

The Effect of Wildfires on Mortgage Pricing: Evidence from Portugal pp. 418-450

Laura Götz, Ferdinand Mager and Joachim Zietz

The Transmission of Climate Hazard Exposure to Equity Risk: Evidence From Real Estate Firms pp. 451-510

Bing Zhu and Franz Fuerst

Does Economic Freedom Hedge Against Bad Luck? Evidence from Natural Disasters and Local Housing Price Appreciation pp. 511-547

Michael Abrokwah, Xun Bian, Erik Devos and Xiaojin Sun

Annoyed, but Not Alarmed: Sea Level Rise, Chronic Inundation, and Coastal Housing Markets pp. 548-574

Seunghoon Lee and Siqi Zheng

Fault Lines of Value: The Impact of Earthquake Risk on Istanbul Housing Market pp. 575-608

Oguzhan Cepni, Ismail H. Genc, Lokman Gunduz and Muhammed Hasan Yılmaz

Volume 73, issue 2, 2026

Two-worker Households, Decentralized Employment, and Residential Segregation pp. 193-220

Kuzey Yilmaz

Locational and Spatial Development Patterns in U.S. Urban Micro Housing pp. 221-247

Bing Wang, Michael J. Seiler, Kui Liu and Jinfeng Du

The Spillover Effects of Land Value Taxation: How Can It Affect Your Neighbors' Job Growth? pp. 248-265

Zhou Yang

The Economic Impacts of Vertical Development: Evidence from Chinese Skyscrapers pp. 266-289

Qiao Wang, Songlin Li and Ziyang Chen

High-Speed Public Transit and Housing Affordability in the US pp. 290-321

Jindong Pang and Shulin Shen

When the Airport Falls Silent: Airport Closure and Housing Market Dynamics pp. 322-353

Yuhang Mai

Do Homeowners Have Longer Commutes? pp. 354-384

Mingzhi Hu, Zhenguo Lin and Yingchun Liu

Volume 73, issue 1, 2026

Property Market Liquidity and Secured or Unsecured Debt pp. 1-39

David H Downs, Chen Zheng and Bing Zhu

Volume Traders of Non-Homogenous Assets pp. 40-73

Darren K. Hayunga and Henry J. Munneke

Dry Powder vs. inside Information: The Role of out-of-Market CRE Investors pp. 74-112

Jung-Eun Kim, John Krainer and Joseph Nichols

The Value of Connections - Evidence from the Commercial Real Estate Market pp. 113-133

Walter D’Lima and Brent C Smith

COVID-19, Teleworking, and the Real Estate Market pp. 134-154

Naoto Mikawa, Michio Naoi and Shohei Yasuda

Commercial Brokerage Investment Sales pp. 155-191

Chi Zhang and Jonathan A. Wiley

Volume 72, issue 4, 2026

Initial Property Offering: Underpricing and Learning Behavior in the Presale Housing Market pp. 699-723

Changwei Zhan

Does Bankruptcy Identify a Type Of Real Estate Agent or a Stress-Induced Change in Performance? pp. 724-758

Natalya Bikmetova, Geoffrey K. Turnbull and Velma Zahirovic-Herbert

Are Move-In Ready Homes More Expensive? pp. 759-797

Arnab Dutta, Richard K. Green, Venkatesh Panchapagesan and Madalasa Venkataraman

Repeat Bidder Behavior in Housing Auctions pp. 798-824

André K. Anundsen, Andreas Benedictow, Andreas E. Eriksen, Erling Røed Larsen and Mikkel Walbækken

Tax Induced Divestment in the Residential Market - Insights from Investors and Non-investors pp. 825-842

Walter D’Lima

Icing on the Cake: Can the Top-Floor Units Serve as a Status Good and an Investment Simultaneously? pp. 843-932

Edward Chi Ho Tang and Charles Leung

Volume 72, issue 3, 2026

Crime Measures and Housing Prices: an Analysis Using Quantile Regression and Spatial Autocorrelation pp. 477-529

Jarl G. Kallberg and Yoshiki Shimizu

Towards a Better Uncertainty Quantification in Automated Valuation Models pp. 530-566

Arne Johan Pollestad, Arild Brandrud Næss and Are Oust

Real Estate Automated Valuation Model with Explainable Artificial Intelligence Based on Shapley Values pp. 567-605

Dieudonné Tchuente

Racial Disparity in Appraisals: Evidence from Private-Label Refinance Mortgages pp. 606-639

Shengwei Guo

Comparing Housing Valuation Techniques and Stacked Generalization: Exploiting Explainable AI pp. 640-665

Elias Bjørgve, Are Oust, Arne Johan Pollestad, Cato Sandnes and Ole Jakob Sønstebø

House Search Traffic: Does It Matter? pp. 666-698

Dongshin Kim, Davin Raiha and Youngme Seo

Volume 72, issue 2, 2026

The Effect of the Countercyclical Capital Buffer on the Stability of the Housing Market pp. 235-283

Julia Braun, Hans-Peter Burghof and Dag Einar Sommervoll

The Effects of Capital Controls on Housing Prices pp. 284-350

Yang Zhou

Politics and Asset Prices: China’s Anti-Corruption Campaign and Prices of Luxury Homes in Beijing pp. 351-385

Liang Peng and He Tang

The Effect of Immigration on Housing Prices: Evidence from 382 German Districts pp. 386-424

Umut Unal, Bernd Hayo and Isil Erol

The Effect of Increased Police Spending on House Prices and Sales Volume: A Tale of Two Types of Cities pp. 425-450

David Brasington

Convergence in House Price Cycles across the US: Recent Developments and the Impact of Covid pp. 451-476

William Miles and Xiaoyang Zhu

Volume 72, issue 1, 2026

Dynamics of REIT Returns and Volatility: Analyzing Time-Varying Drivers Through an Explainable Machine Learning Approach pp. 1-40

Hendrik Jenett, Cathrine Nagl, Maximilian Nagl, S. McKay Price and Wolfgang Schaefers

The Impact of Monetary Policy on REITs: Evidence from FOMC Announcements pp. 41-67

Carlo Rosa

Proximity to Covid-19 Cases and Real Estate Equity Returns pp. 68-104

Lingshan Xie and Stanimira Milcheva

A First Look at the Historical Performance of the New NAV REITs pp. 105-150

Spencer J. Couts and Andrei S. Gonçalves

Does Real Estate Determine REIT Bond Risk Premia? pp. 151-190

Jakob Kozak, Cathrine Nagl, Maximilian Nagl, Eli Beracha and Wolfgang Schaefers

Dynamic Incentives in REIT Option Markets pp. 191-234

George D. Cashman, David M. Harrison and Hainan Sheng

Volume 71, issue 4, 2025

Property Valuation – Cycle Length and Assessment Outcome pp. 545-586

Yusun Kim and Yilin Hou

Does Investing in ESG Pay Off? Evidence from REITs pp. 587-614

Ryan G. Chacon, Zifeng Feng and Zhonghua Wu

Credit Tightening and Housing Prices: Empirical Research on the Channel of the Housing Supply Side pp. 615-641

Bingtao Zhang and Xiaoli Wan

The Effects of Conventional and Unconventional Monetary Policy Shocks on US REITs Moments: Evidence from VARs with Functional Shocks pp. 642-702

Shixuan Wang, Rangan Gupta, Matteo Bonato and Oguzhan Cepni

A Local Gaussian Process Regression Approach to Mass Appraisal of Residential Properties pp. 703-721

Jacob Dearmon and Tony E. Smith

All That Glitters is Not Gold: Examining the Negative Impact of Real Estate Value on Companies' Market Competitiveness pp. 722-766

Fangzhi Liang, Gary Gang Tian, Zhihua Wei and Aimin Zeng

Volume 71, issue 3, 2025

Machine Learning, Architectural Styles and Property Values pp. 353-384

Thies Lindenthal and Erik B. Johnson

The Revival of Business Groups’ Risk Sharing: Evidence from Japanese Real Estate Investment Trust Market pp. 385-419

Masaki Mori, Seow Eng Ong and Joseph T. L. Ooi

Systematic Mispricing: Evidence from Real Estate Markets pp. 420-452

Shaun Bond, Hui Guo and Changyu Yang

Estimating Commercial Property Fundamentals from REIT data pp. 453-475

David Geltner, Anil Kumar and Alex M. Van de Minne

The Impact of Property Clustering on REIT Operational Efficiency and Firm Value pp. 476-509

Daniel Huerta and Christopher Mothorpe

Peer Sentiment and Firm Production Decisions: Evidence from Homebuilders pp. 510-544

Thao Le

Volume 71, issue 2, 2025

Commonalities in Private Commercial Real Estate Market Liquidity and Price Index Returns pp. 141-177

Dorinth W. Dijk and Marc K. Francke

(A)Synchronous Housing Markets of Global Cities pp. 178-208

Vipul Bhatt and N. Kundan Kishor

The Role of Housing Mortgage Leverage in Stock Asset Pricing: Evidence from the Chinese A-share Market pp. 209-253

Qi-an Chen, Huashi Li, Jianyi Lin and Yunfeng Gao

Impact of House Price on Economic Stability: Some Lessons from OECD Countries pp. 254-284

Alam I. Asadov, Mansor Ibrahim and Ramazan Yildirim

Value Implications of REITing and De-REITing* pp. 285-313

David Ling, Sugata Ray, Alan Tidwell and Luqi Xu

Boosting the Accuracy of Commercial Real Estate Appraisals: An Interpretable Machine Learning Approach pp. 314-351

Juergen Deppner, Benedict Ahlefeldt-Dehn, Eli Beracha and Wolfgang Schaefers

Volume 71, issue 1, 2025

Modeling Spatial, Temporal, and Multivariate Autoregressive Dependence in Real Estate Prices pp. 1-9

R. Kelley Pace, Darren K. Hayunga and James LeSage

Agree to Disagree: NAV Dispersion in REITs pp. 10-35

Mariya Letdin, Stace Sirmans and G. Stacy Sirmans

The Misuse of Alpha in Private Equity Real Estate Investments pp. 36-69

Kiat Ying Seah, James D. Shilling and Charles Wurtzebach

Land Prices and the Development Process pp. 70-94

Henry J. Munneke, C. F. Sirmans and Barrett Slade

Agglomeration Economies and Capitalization Rates: Evidence from the Dutch Real Estate Office Market pp. 95-117

Arno J. Vlist, Marc K. Francke and Dennis A. J. Schoenmaker

Geographically Overlapping Real Estate Assets, Liquidity Spillovers, and Liquidity Multiplier Effects pp. 118-139

Chongyu Wang, Jeffrey P. Cohen and John L. Glascock