政府限制和房地产投资者的风险感知
Carina Kaiser1, Julia Freybote2, Wolfgang Schäfers1
1International Real Estate Business School (IRE|BS), University of Regensburg, Universitaetsstr. 31, 93053 Regensburg, Germany.
概括
在COVID-19期间的政府限制影响了投资者对区域购物中心的风险感知,而不是社区中心. 共和党州长的州由于限制较少,风险溢价较低.
科学领域:
- 房地产经济学 房地产经济学
- 公共政策 公共政策
- 行为金融是行为金融.
背景情况:
- 在COVID-19大流行期间的政府限制创造了一个独特的场景来研究投资者风险感知.
- 流行病对不同类型的零售物业产生的不同影响需要了解差异性风险评估.
- 州州长的政治归属被用作COVID-19限制的严格性和持续时间的代理.
研究的目的:
- 分析政府限制如何影响区域和社区购物中心的短期投资者风险感知.
- 为了确定零售物业的类型 (区域商场与社区中心) 是否影响了这种风险感知.
- 探索政治因素在危机期间塑造房地产投资决策中的作用.
主要方法:
- 利用COVID-19大流行作为一个自然实验.
- 采用进入上限利率作为投资者风险感知的代理.
- 在2018年至2021年期间,分析了来自27个州的40个大都市统计区 (MSA) 的数据.
主要成果:
- 共和党州长 (限制较少) 的州的区域性购物中心的投资者要求与民主党州长 (限制更多) 的州相比,进入上限利率较低.
- 邻近购物中心没有观察到这种效应,这表明它们对COVID-19相关限制的弹性.
- 蒙面授权被确定为一个重要因素,并没有发现对零售房地产投资者的风险感知产生长期影响.
结论:
- 对于区域购物中心,投资者对短期风险的看法对政府限制的严格性敏感,特别是与公共卫生措施相关的限制.
- 社区购物中心在投资者风险感知方面表现出更大的稳定性,这是由于COVID-19限制对其直接影响较小.
- 一个地区的政治倾向可以影响投资者对风险的看法,突出了政策和金融市场之间的相互作用.
相关概念视频
The Anchoring-and-Adjustment Heuristic
7.2K
In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
7.2K
Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches
126
Biopharmaceutical studies constitute a vital field aiming to enhance drug delivery methods and refine therapeutic approaches, drawing upon diverse interdisciplinary knowledge. In research methodologies, the choice between controlled and non-controlled studies significantly influences the study's reliability and accuracy.
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast,...
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast,...
126
Cognitive Dissonance
32.6K
Social psychologists have documented that feeling good about ourselves and maintaining positive self-esteem is a powerful motivator of human behavior (Tavris & Aronson, 2008). In the United States, members of the predominant culture typically think very highly of themselves and view themselves as good people who are above average on many desirable traits (Ehrlinger, Gilovich, & Ross, 2005). Often, our behavior, attitudes, and beliefs are affected when we experience a threat to our...
32.6K
Drug Control Governance: Regulatory Bodies and Their Impact
158
Drug control governance involves the oversight and regulation of pharmaceuticals to ensure their safety and efficacy while preventing illegal drug use and trafficking. Regulatory bodies, including the US Food and Drug Administration (FDA) and the European Union's European Medicines Agency (EMA), play a central role in this process. These agencies evaluate the safety and efficacy of drugs before they can be marketed. They fund clinical trials and assess the benefits and risks associated with...
158
Ethics in Research
23.0K
Today, scientists agree that good research is ethical in nature and is guided by a basic respect for human dignity and safety. However, this has not always been the case. Modern researchers must demonstrate that the research they perform is ethically sound.
23.0K
Lazarus's Cognitive Appraisal Theory
230
Cognitive psychologist Richard Lazarus proposed the cognitive-mediational theory of emotions, which emphasizes how individuals' assessments of stressors significantly affect their experience of stress. According to Lazarus, the stress response is determined by a two-step appraisal process: primary appraisal and secondary appraisal. These cognitive appraisals help individuals evaluate the potential impact of a stressor and determine the adequacy of their coping resources.
Primary Appraisal:...
Primary Appraisal:...
230


