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 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 M. 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

Volume 70, issue 4, 2025

A Revisit of Supply Elasticity and Within-city Heterogeneity of Housing Price Movements pp. 609-636

Ren Ren, Siu Kei Wong and Kwong Wing Chau

A Lucas Critique of Mortgage Lending: Theory, Evidence, and Implications pp. 637-676

Brent C. Smith and Anthony M. Yezer

Corporate Real Estate Usage and Firm Valuation pp. 677-705

Qing Li, David C. Ling and Qie Ellie Yin

Tracking Home-Owners’ Sentiments: Subjective Indices and Convergent Validity pp. 706-734

Sofie Waltl and Anthony Lepinteur

Governmental Restrictions and Real Estate Investor Risk Perception pp. 735-753

Carina Kaiser, Julia Freybote and Wolfgang Schäfers

How Local is the Crime Effect on House Prices? pp. 754-793

Paula Margaretic and Juan Bautista Sosa

Volume 70, issue 3, 2025

The Role of Tenant Characteristics in Retail Cap Rate Variation pp. 429-456

Mariya Letdin, G. Stacy Sirmans, Greg T. Smersh and Tingyu Zhou

Do Higher House Prices Crowd-Out or Crowd-In Manufacturing? A Spatial Econometrics Approach pp. 457-482

Ping Feng, Mahmut Yasar and Jeffrey P. Cohen

Estimating Census Tract House Price Indexes: A New Spatial Dynamic Factor Approach pp. 483-514

Marc Francke, Lyndsey Rolheiser and Alex Minne

Unpledged Collateral, REIT Liquidity Constraints, and Asset Sales pp. 515-542

Irem Demirci, Mehdi Rasteh and Erkan Yönder

Correction to: Unpledged Collateral, REIT Liquidity Constraints, and Asset Sales pp. 543-543

Irem Demirci, Mehdi Rasteh and Erkan Yönder

Firm Leverage and Stock Price Crash Risk: The Chinese Real Estate Market and Three-Red-Lines Policy pp. 544-582

Xiaoling Chu, Yongheng Deng and Desmond Tsang

Hidden Financial Costs of the Opioid Crisis: Evidence from Mortgage Originations pp. 583-607

Shikong (Scott) Luo and Owen Tidwell

Volume 70, issue 2, 2025

Listed Real Estate as an Inflation Hedge Across Regimes pp. 189-239

Jan Muckenhaupt, Martin Hoesli and Bing Zhu

Investment and Capital Improvements in Commercial Real Estate: The Case of REITs pp. 240-271

Zifeng Feng and William Hardin

Correction to: Investment and Capital Improvements in Commercial Real Estate: The Case of REITs pp. 272-272

Zifeng Feng and William Hardin

Culture and Walkability: Ethnicity, Neighborhood Walkability, and House Price pp. 273-320

Debanjana Dey, Noel Ritchey, Geoffrey K. Turnbull and Velma Zahirovic-Herbert

Analyzing the Impacts of Property Age on REITs and the Reasons Why REITs Own Older Properties pp. 321-358

Zifeng Feng, Joseph Ooi and Zhonghua Wu

Assessing Housing Market Crashes over the Past 150 years pp. 359-377

George Dotsis, Panagiotis Petris and Dimitris Psychoyios

Supply Constraints and Search Equilibrium in Office Markets pp. 378-428

Gianluca Marcato and Lok Man Michelle Tong

Volume 70, issue 1, 2025

Does Debt Management Matter for REIT Returns? pp. 1-37

Zhilan Feng, Stephen Miller and Dogan Tirtiroglu

Micro Evidence Relating to House Rents, Prices and Investor Size from a Matched Dataset pp. 38-64

Jessica Rutherford, Ronald Rutherford, Abdullah Yavas, Lei Wedge and Marcus T. Allen

Politics, Financial Regulation and Housing Bubbles pp. 65-91

Marco Sorge

Seller Contributions and Mortgage Performance pp. 92-120

Franklin Carroll, Nuno Mota, Weifeng Wu and Eric Rosenblatt

Forecasting House Prices: The Role of Fundamentals, Credit Conditions, and Supply Indicators pp. 121-143

N Kishor

Financial Crisis and Within-City Heterogeneity in Land Prices: The Role of REIT Penetration pp. 144-187

Yoshiyuki Kikuchi, Meng Li, Yuxiong Xiao, Hangtian Xu and Yiming Zhou