View All Items

Title: A Method for Determining Optimal Tenant Mix (Including Location) in Shopping Centers.
Creator: Allen, Marcus T., Carter, Charles C.
Abstract / Description: The article illustrates an optimization program to maximize tenant location within shopping malls taking into consideration the bid rent theory and revised central place theory as the complementary effects present in malls. Topics discussed include the Heifendahl index, a method for determining optimal store location, and the concept of quadratic assignment location.
Date Issued: 2012-07-01
Identifier: fgcu_ir_000637
Format: Citation

Title: A Note for Appraisers on Option Valuation.
Creator: Jones, Travis, Finch, J. Howard, Weeks, Henry
Abstract / Description: The mathematical complexity of options makes the valuation and use of these instruments intimidating for most individuals. While real estate appraisers may initially share this response, appraisers' experience estimating replacement costs gives them a significant advantage in understanding the valuation of these securities. In this article the valuation of an option to buy land is demonstrated using a method based on the principle of substitution. The examples show how the value of the option...
Show moreThe mathematical complexity of options makes the valuation and use of these instruments intimidating for most individuals. While real estate appraisers may initially share this response, appraisers' experience estimating replacement costs gives them a significant advantage in understanding the valuation of these securities. In this article the valuation of an option to buy land is demonstrated using a method based on the principle of substitution. The examples show how the value of the option to buy may be deduced by creating an alternative portfolio that provides an identical expected payoff. In light of the increasing recognition of options in the practice of real estate, this article should be of interest to real estate appraisers and other professionals.
Show less
Date Issued: 2008-06-01
Identifier: fgcu_ir_000671
Format: Citation

Title: A Note on Effective Teaching and Interpretation of Compound Return Measures of Investment Performance.
Creator: Weeks, Henry, Finch, J. Howard
Abstract / Description: This teaching note illustrates and highlights two measurements of investment performance, geometric mean and internal rate of return. Examples are used to show that the internal rate of return is just a special case of the geometric mean. Additionally, suggestions are made for renaming these measures to clarify for students and investors their similarities and appropriate applications of each.
Date Issued: 2012-10-01
Identifier: fgcu_ir_000681
Format: Citation

Title: A Note on the Premiums and Discounts Embedded in VIX Futures Prices.
Creator: Allen, Marcus T., Jones, Travis
Abstract / Description: This article illustrates the volatile nature of the premiums and discounts embedded in the prices of VIX (Chicago Board Options Exchange Market Volatility Index) futures contracts. The fact that the underlying VIX index cannot be traded leads VIX futures to be priced more on expectations of market participants than on a typical cost-of-carry relationship. As they near expiration, VIX futures, in the aggregate, tend to trade at an increased premium, when trading in contango, and at an...
Show moreThis article illustrates the volatile nature of the premiums and discounts embedded in the prices of VIX (Chicago Board Options Exchange Market Volatility Index) futures contracts. The fact that the underlying VIX index cannot be traded leads VIX futures to be priced more on expectations of market participants than on a typical cost-of-carry relationship. As they near expiration, VIX futures, in the aggregate, tend to trade at an increased premium, when trading in contango, and at an increased discount, when trading in backwardation. In addition, the premium in these contracts tends to peak as the VIX index nears a low, and the discount in the contracts tends to bottom as the index nears a high.
Show less
Date Issued: 2015-06-01
Identifier: fgcu_ir_000635
Format: Citation

Title: Academic Success Determinants for Undergraduate Real Estate Students.
Creator: Allen, Marcus T., Carter, Charles C.
Abstract / Description: This study provides some insight into potential determinants of students' academic success by examining gender, age, ethnicity, and performance in two required core knowledge courses as predictors of overall grade point average for a sample of undergraduate real estate students at an AACSB-accredited business school. The results suggest that student performance is significantly related to the grades the students receive in core knowledge courses that are typically taken in the earlier...
Show moreThis study provides some insight into potential determinants of students' academic success by examining gender, age, ethnicity, and performance in two required core knowledge courses as predictors of overall grade point average for a sample of undergraduate real estate students at an AACSB-accredited business school. The results suggest that student performance is significantly related to the grades the students receive in core knowledge courses that are typically taken in the earlier semesters of students' plans of study.
Show less
Date Issued: 2007-10-01
Identifier: fgcu_ir_000632
Format: Citation

Title: Accounts Receivable Factoring As A Response to Weak Governance: Panel Data Evidence.
Creator: Jones, Travis, Borgia, Daniel, Swaleheen, Mushfiq, Weeks, Henry
Abstract / Description: Accounts receivable factoring is a financing arrangement that occurs when a business sells its accounts receivables. Factoring has emerged as the most important source of working capital for small and medium sized enterprises (SMEs) in many economies because weak laws, poor enforcement, and the associated informational opacity put the SMEs at a disadvantage when borrowing. This paper presents an empirical analysis of cross-country differences in factoring activity to determine whether the...
Show moreAccounts receivable factoring is a financing arrangement that occurs when a business sells its accounts receivables. Factoring has emerged as the most important source of working capital for small and medium sized enterprises (SMEs) in many economies because weak laws, poor enforcement, and the associated informational opacity put the SMEs at a disadvantage when borrowing. This paper presents an empirical analysis of cross-country differences in factoring activity to determine whether the quality of governance is a significant determinant of the level of factoring activity. Our analysis is based on a reduced form model that relates a country’s factoring activity (turnover) to the quality of governance, while controlling for other determinants of factoring discussed in the literature. We use data for a panel of 59 countries, over the period 1995 – 2005. Our findings support the hypothesis that factoring is more prevalent in economies with weak governance. Additionally, we present evidence that factor turnover is decreasing in the incidence of corruption.
Show less
Date Issued: 2010-02-01
Identifier: fgcu_ir_000666
Format: Citation

Title: Aging Populations and Master Bedroom Location in Housing.
Creator: Allen, Marcus T., Benefield, Justin D., Cain, Christopher L.
Abstract / Description: In this study, we analyze the price and time-on-market effects related to the location of the master bedroom within single-family houses. As the "graying" of the U.S. population continues, it seems reasonable to investigate how those demographic changes might impact residential real estate markets. Toward that goal, we analyze sold property data obtained from the multiple listing services of two different markets: one with a relatively younger population and one with a relatively older...
Show moreIn this study, we analyze the price and time-on-market effects related to the location of the master bedroom within single-family houses. As the "graying" of the U.S. population continues, it seems reasonable to investigate how those demographic changes might impact residential real estate markets. Toward that goal, we analyze sold property data obtained from the multiple listing services of two different markets: one with a relatively younger population and one with a relatively older population. The results indicate that houses with the master bedroom located upstairs exhibit a significant discount in both markets, with a larger discount observed in the market with the older population. The results also indicate that houses with upstairs master bedrooms exhibit reduced marketing time in the market with an older population, but that marketing time is unrelated to master bedroom location in the market with a younger population.
Show less
Date Issued: 2016-01-01
Identifier: fgcu_ir_000625
Format: Citation

Title: Agricultural Applications Of Weather Derivatives.
Creator: Jones, Travis
Abstract / Description: Weather derivatives are currently a fast growing derivatives sector. The purpose of this article is to examine the background of the weather derivatives market and some of its benefits for agricultural risk management. In addition, this article is meant to serve as an overview of the benefits and uses of weather derivatives for those who may not be otherwise exposed to this type of market. This article examines the structure of Heating Degree Day and Cooling Degree Day contracts along with...
Show moreWeather derivatives are currently a fast growing derivatives sector. The purpose of this article is to examine the background of the weather derivatives market and some of its benefits for agricultural risk management. In addition, this article is meant to serve as an overview of the benefits and uses of weather derivatives for those who may not be otherwise exposed to this type of market. This article examines the structure of Heating Degree Day and Cooling Degree Day contracts along with agricultural hedging uses of weather derivatives, notably, a use unique in this market, hedging of volumetric risk.
Show less
Date Issued: 2007-06-01
Identifier: fgcu_ir_000674
Format: Citation

Title: An Analysis of Investment Returns to Condominium Flipping: Evidence from South Florida.
Creator: Allen, Marcus T., Lusht, Kenneth, Weeks, Henry
Abstract / Description: The housing market in South Florida was kiln-hot between 2000 and mid-2006, with a total percent change of approximately 172% in the Federal Housing Finance Agency House Price Index (FHFA HPI) for the Fort Lauderdale-area during this time period. Almost as dramatically as the rising tide lifted house prices, so did the ebbing tide wash away substantial amounts of housing-stored wealth between the mid-2006 peak and mid-2011 trough. During this latter time period, the FHFA HPI for this market...
Show moreThe housing market in South Florida was kiln-hot between 2000 and mid-2006, with a total percent change of approximately 172% in the Federal Housing Finance Agency House Price Index (FHFA HPI) for the Fort Lauderdale-area during this time period. Almost as dramatically as the rising tide lifted house prices, so did the ebbing tide wash away substantial amounts of housing-stored wealth between the mid-2006 peak and mid-2011 trough. During this latter time period, the FHFA HPI for this market experienced a total percentage change of approximately -48%. The purpose of this study is to consider whether or not flippers systematically benefitted from buying and reselling housing units with certain characteristics during the recent housing boom and bust in the South Florida market. This study considers physical characteristics, property value strata, and transaction timing as potential determinants of investment returns to residential condominium flipping in South Florida from June 2005, to June 2007, a time period that includes a distinct housing price peak in June 2006.
Show less
Date Issued: 2015-10-01
Identifier: fgcu_ir_000627
Format: Citation

Title: An analysis of real estate curriculum requirements at AACSB International-Accredited Institutions.
Creator: Weeks, Henry, Finch, J. Howard
Abstract / Description: Real estate courses are a staple of business school curricula throughout the world, yet a wide diversity of courses, programs, concentrations and majors exist. Historically, the academic field of real estate has struggled with an identity crisis of sorts due to the lack of a widely recognized common body of knowledge that constitutes the core theory and concepts. To investigate the current state of real estate curriculum, all business schools in the United States accredited by AACSB...
Show moreReal estate courses are a staple of business school curricula throughout the world, yet a wide diversity of courses, programs, concentrations and majors exist. Historically, the academic field of real estate has struggled with an identity crisis of sorts due to the lack of a widely recognized common body of knowledge that constitutes the core theory and concepts. To investigate the current state of real estate curriculum, all business schools in the United States accredited by AACSB International - The Association to Advance Collegiate Schools of Business are surveyed to determine the depth and breadth of requirements to concentrate or major in real estate. The results indicate real estate major curriculums are moving toward a core group of required courses. However, there is little consensus on what courses constitute a concentration in real estate.
Show less
Date Issued: 2003-06-01
Identifier: fgcu_ir_000687
Format: Citation

Title: An analysis of single-stock futures trading in the U.S.
Creator: Jones, Travis, Brooks, Robert
Abstract / Description: This paper presents an overview of how single stock futures (SSF) have developed since their introduction in the United States. We present a number of reasons why individual investor interest in SSF may not have reached its potential. Individual investors should note SSF volumes are very low and implied interest rates indicate that SSF settlement prices often have little relation to their respective underlying stock's closing prices. We present evidence of a number of non-dividend paying...
Show moreThis paper presents an overview of how single stock futures (SSF) have developed since their introduction in the United States. We present a number of reasons why individual investor interest in SSF may not have reached its potential. Individual investors should note SSF volumes are very low and implied interest rates indicate that SSF settlement prices often have little relation to their respective underlying stock's closing prices. We present evidence of a number of non-dividend paying companies with underlying stock prices that closed above the settlement prices of their respective SSF, contradicting the carry arbitrage model.
Show less
Date Issued: 2005-06-01
Identifier: fgcu_ir_000675
Format: Citation

Title: An analysis of the price formation process at a HUD auction.
Creator: Allen, Marcus T., Swisher, Judith
Abstract / Description: This study considers whether auctioned properties sell for different prices than they would bring through private negotiation. After reviewing the procedural aspects of the Department of Housing and Urban Development auctions, the prices of properties sold at one such auction are compared with predicted market values based on assessment ratios for the region to detect any discount or premium. The paper also considers whether the order of sale of the auctioned properties affects observed...
Show moreThis study considers whether auctioned properties sell for different prices than they would bring through private negotiation. After reviewing the procedural aspects of the Department of Housing and Urban Development auctions, the prices of properties sold at one such auction are compared with predicted market values based on assessment ratios for the region to detect any discount or premium. The paper also considers whether the order of sale of the auctioned properties affects observed prices. It was found that sample properties sell at a significant discount relative to predicted market values and that prices ten to increase as the auction proceeds, holding quality of the properties constant.
Show less
Date Issued: 2000-11-01
Identifier: fgcu_ir_000646
Format: Citation

Title: An Application of Asset-Liability Management for Financial Planners.
Creator: Jones, Travis, Brown, Jack
Abstract / Description: Asset-liability management (ALM) provides a risk-management technique that focuses on both sides of an investors balance sheet, in contrast to traditional asset allocation approaches, which tend to only emphasize investor assets. This article presents an application of ALM for financial planners, along the lines of Jones and Brown (2009), using an example of an individual investor who is seeking an asset allocation to best meet future spending needs. This ALM methodology determines the fixed...
Show moreAsset-liability management (ALM) provides a risk-management technique that focuses on both sides of an investors balance sheet, in contrast to traditional asset allocation approaches, which tend to only emphasize investor assets. This article presents an application of ALM for financial planners, along the lines of Jones and Brown (2009), using an example of an individual investor who is seeking an asset allocation to best meet future spending needs. This ALM methodology determines the fixed-income exposure required to fully or partially immunize an investor's liabilities, thereby reducing the volatility of the assets required to fund the investors liabilities and the shortfall funding risk of the portfolio. The result takes into account investor circumstances and market conditions in order to allow a financial planner to better fit an asset allocation to the needs of the investor. The goal of this article is to demonstrate this approach and allow financial planners to use ALM in conjunction with existing asset-allocation practices.
Show less
Date Issued: 2011-05-01
Identifier: fgcu_ir_000664
Format: Citation

Title: An Examination of Underwriter Reputation, File Amount, and IPO Initial Returns.
Creator: Jones, Travis
Abstract / Description: Finance literature notes that over most of the 1980s higher reputation underwriters issue firms with lower initial returns, while duringthe majority of the 1990s, higher reputation underwriters issue firms withhigher initial returns. This study seeks to further the understandingof why the change in this relationship occurred. When segmenting firmsbased on the amount that a firm files to raise in its initial publicoffering, between 1980 and 1991 only firms that file in the two middlequartiles...
Show moreFinance literature notes that over most of the 1980s higher reputation underwriters issue firms with lower initial returns, while duringthe majority of the 1990s, higher reputation underwriters issue firms withhigher initial returns. This study seeks to further the understandingof why the change in this relationship occurred. When segmenting firmsbased on the amount that a firm files to raise in its initial publicoffering, between 1980 and 1991 only firms that file in the two middlequartiles show a significantly negative relation between reputation andinitial returns, while between 1992 and 2003 only firms that file in thethird file amount quartile show a significantly positive relationship.
Show less
Date Issued: 2007-10-01
Identifier: fgcu_ir_000673
Format: Citation

Title: An Update on Property Rights Compensation Law for Appraisers.
Creator: Allen, Marcus T., Carter, Charles C.
Abstract / Description: Recently, state property rights compensation statutes have been enacted by public referendums in Oregon and Arizona. These statutes are the most favorable for property owners and most difficult for government entities. The laws are meant to compensate landowners for enactment of government land use regulations that have the effect of stifling development of property. State compensation laws are necessary, because according to constitutional law, just compensation for a regulatory taking only...
Show moreRecently, state property rights compensation statutes have been enacted by public referendums in Oregon and Arizona. These statutes are the most favorable for property owners and most difficult for government entities. The laws are meant to compensate landowners for enactment of government land use regulations that have the effect of stifling development of property. State compensation laws are necessary, because according to constitutional law, just compensation for a regulatory taking only applies when the land use regulation has the effect of making the property practically valueless. While state laws enacted earlier remain relatively straightforward, the recent Oregon and Arizona laws may cause trouble for appraisers in determining value diminution due to land regulation.
Show less
Date Issued: 2010-04-01
Identifier: fgcu_ir_000642
Format: Citation

Title: Another Look at Effects of “Adults-Only” Age Restrictions on Housing Prices.
Creator: Allen, Marcus T., Carter, Charles C., Lin, Zhenguo, Haloupek, William J.
Abstract / Description: This study reexamines the price effects of age restrictions on housing prices. Our data cover a period when the housing market is taking a steep downturn. We argue that, when housing prices are falling, seniors are more likely to avoid investing in housing for at least two reasons. First, seniors are relatively more sensitive to their immediate equity loss than younger homeowners, mainly due to the limited remaining lifetime over which they can afford to wait; second, age-restriction acts as...
Show moreThis study reexamines the price effects of age restrictions on housing prices. Our data cover a period when the housing market is taking a steep downturn. We argue that, when housing prices are falling, seniors are more likely to avoid investing in housing for at least two reasons. First, seniors are relatively more sensitive to their immediate equity loss than younger homeowners, mainly due to the limited remaining lifetime over which they can afford to wait; second, age-restriction acts as a luxury good, with seniors not willing to pay for reduction in neighborhood uncertainty, eliminating buyer demand for this segment of the population. If this “larger demand loss” outweighs the positive externality of the reduction in neighborhood uncertainty during the market downturn, we would observe that age-restrictions reduce property values. Using data from Broward County, Florida for the years of 2005–2007, we find a significant discount in residential condominium prices due to age-restrictions. In particular, we find that imposing age-restriction on properties decreases housing prices by 17.9% during the period May 2005 to April 2006, while the discount is worse, 22.7%, during the later period May 2006 to May 2007.
Show less
Date Issued: 2013-01-01
Identifier: fgcu_ir_000615
Format: Citation

Title: Auctioning The Lazy H Ranch: A case study.
Creator: Allen, Marcus T.
Abstract / Description: This case study is designed to provide students with an entertaining exposure to the auction mechanism in real estate transactions. Borrowing liberally from an actual real estate auction, the case delves into (a) reasons why a property owner might choose the auction mechanism, (b) strategies the property owner and the auctioneer can use to attempt to maximize auction prices, and (c) the logistics of promoting and conducting a real estate auction. The case addresses several strategic issues...
Show moreThis case study is designed to provide students with an entertaining exposure to the auction mechanism in real estate transactions. Borrowing liberally from an actual real estate auction, the case delves into (a) reasons why a property owner might choose the auction mechanism, (b) strategies the property owner and the auctioneer can use to attempt to maximize auction prices, and (c) the logistics of promoting and conducting a real estate auction. The case addresses several strategic issues commonly used in the real estate auction industry, including "absolute auction," "buyer's premium," "choice groups" and owner financing. In the absolute auction format, the seller agrees to sell the property at the auction without imposing a minimum bid or reservation price. Sellers who agree to this structure bear the risk that the property could sell for a price lower than they would accept through traditional transaction methods, but this risk is offset by the increased number of potential bidders who may interpret the use of the absolute format as a signal of the seller's eagerness to transact.
Show less
Date Issued: 2003-01-01
Identifier: fgcu_ir_000654
Format: Citation

Title: Boca Bay: The Impact of Insurance Availability on Residential Property Values.
Creator: Weeks, Henry, Finch, J. Howard, Fraser, Steven
Abstract / Description: This case study requires students to determine a method for estimating the valuation impact of the changes in access to flood insurance - specifically, changes in the expense associated with the purchase of insurance in the private market. While these expenses have a high degree of certainty, a unique challenge for students in this case is presented by the lack of comparable market transactions involving properties that have been similarly impacted. Quantifying the change in value requires...
Show moreThis case study requires students to determine a method for estimating the valuation impact of the changes in access to flood insurance - specifically, changes in the expense associated with the purchase of insurance in the private market. While these expenses have a high degree of certainty, a unique challenge for students in this case is presented by the lack of comparable market transactions involving properties that have been similarly impacted. Quantifying the change in value requires students to adopt the mindset of informed market participants - individuals aware of the differential in insurance expense and who are considering the purchase of the property.
Show less
Date Issued: 2014-01-01
Identifier: fgcu_ir_000692
Format: Citation

Title: CEO ownership, corporate control, and bank performance.
Creator: Weeks, Henry, Griffith, John M., Fogelberg, Lawrence
Abstract / Description: This study examines the relation between CEO ownership and bank performance. In contrast to Pi and Timme (1993), we find that, when economic measures of performance are used, the relation between ownership and the performance of commerical banks is nonlinear. Additionally, in contrast to previous studies, we find the question of whether or not the CEO also holds the title of chairman of the board has an insignificant impact on bank performance. We conclude that, in commercial banks,...
Show moreThis study examines the relation between CEO ownership and bank performance. In contrast to Pi and Timme (1993), we find that, when economic measures of performance are used, the relation between ownership and the performance of commerical banks is nonlinear. Additionally, in contrast to previous studies, we find the question of whether or not the CEO also holds the title of chairman of the board has an insignificant impact on bank performance. We conclude that, in commercial banks, management entrenchment may offset the effects predicted by Jensen and Meckling's (1976) convergence-of-interest hypothesis.
Show less
Date Issued: 2002-06-01
Identifier: fgcu_ir_000689
Format: Citation

Title: Changes in Property Tax Progressivity for Florida Homeowners after the "Save Our Homes Amendment.".
Creator: Allen, Marcus T., Dare, William H.
Abstract / Description: The "Save Our Homes Amendment" (SOHA) to Florida's constitution limits annual increases in the taxable value of a homestead property to 3% or the rate of inflation (whichever is less) as long as the property is owned by the same owner. The amount of property value protected from taxation throughout the state by this amendment has grown to over $246 billion (13.9% of total property value) since the amendment's implementation in 1995. This study tests whether the protection has accrued...
Show moreThe "Save Our Homes Amendment" (SOHA) to Florida's constitution limits annual increases in the taxable value of a homestead property to 3% or the rate of inflation (whichever is less) as long as the property is owned by the same owner. The amount of property value protected from taxation throughout the state by this amendment has grown to over $246 billion (13.9% of total property value) since the amendment's implementation in 1995. This study tests whether the protection has accrued disproportionately over time among homestead property owners, the very group of people the amendment was intended to protect. The results suggest that the amendment has reduced the degree of progressivity in the state's property tax system such that the owners of lower value home properties are shouldering an increasing proportion of the property tax burden relative to the owners of higher value homestead properties. The differential impacts of the SOHA across value ranges of homestead properties are likely attributable to differential appreciation and ownership transfers for higher and lower value homestead properties throughout the state.
Show less
Date Issued: 2009-01-01
Identifier: fgcu_ir_000648
Format: Citation

House prices (5)	+ -
Hedonic model (3)	+ -
Equity capital (2)	+ -
Initial public offerings (Securities) (2)	+ -
Property tax. (2)	+ -

Time on market (2)	+ -
Age restriction (1)	+ -
Asking rent (1)	+ -
Asset allocation. (1)	+ -
Atypicality (1)	+ -
Bank Performance (1)	+ -
Bear housing market (1)	+ -
Brokerage (1)	+ -
Brokers. (1)	+ -
Calendar anomalies (1)	+ -
Chronological periods (1)	+ -
Club Goods (1)	+ -
Commission rates (1)	+ -
Common Interest Real Estate Developments (1)	+ -
Compensation (1)	+ -
Discounts. (1)	+ -
Distressed markets (1)	+ -
Duration model (1)	+ -
ETFs (Stock funds) (1)	+ -
ETPs (1)	+ -
Economic development (1)	+ -
Employment contracting (1)	+ -
Estate sales. (1)	+ -
Externalities (Economics) (1)	+ -
Financial markets. (1)	+ -

Scholarly Publications (84)	+ -
FGCU Faculty (10)	+ -

English (84)	+ -
eng (84)	+ -

Allen, Marcus T. (48)	+ -
Weeks, Henry (26)	+ -
Jones, Travis (21)	+ -
Finch, J. Howard (11)	+ -
Carter, Charles C. (7)	+ -

Search In

Pages

Pages

Sort Results By:

Narrow results by:

Topical Subject

Collection

Genre

Type of Resource

Language

Creator

Format

Owner

Department

Can I Use It? Rights Status