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Article: Exploitation, expropriation and capital assets: the economics of commercial real estate leases
Title | Exploitation, expropriation and capital assets: the economics of commercial real estate leases |
---|---|
Authors | |
Issue Date | 2003 |
Publisher | American Real Estate Society. The Journal's web site is located at http://cbeweb-1.fullerton.edu/finance/jrel/about/default.htm |
Citation | Journal Of Real Estate Literature, 2003, v. 11 n. 1, p. 3-34 How to Cite? |
Abstract | This study reviews commercial real estate leases as one transaction form to finance corporate capital assets. Credit risk is common to leases and debt as substitute transactions; but the two credit forms generate different transaction costs and agency conflicts, and thus differential pricing. Causal relationships resulting in explicit options in leases reflect complex agency considerations, which complicate the application of current option pricing principles to value the options. In general, it seems as if lease pricing phenomena are poorly researched. This article aims to identify where more narrowly demarcated research could assist in unraveling lease pricing behavior. |
Persistent Identifier | http://hdl.handle.net/10722/168716 |
ISSN | 2023 SCImago Journal Rankings: 0.185 |
References |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Pretorius, F | en_US |
dc.contributor.author | Walker, A | en_US |
dc.contributor.author | Chau, KW | en_US |
dc.date.accessioned | 2012-10-08T03:31:45Z | - |
dc.date.available | 2012-10-08T03:31:45Z | - |
dc.date.issued | 2003 | en_US |
dc.identifier.citation | Journal Of Real Estate Literature, 2003, v. 11 n. 1, p. 3-34 | en_US |
dc.identifier.issn | 0927-7544 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/168716 | - |
dc.description.abstract | This study reviews commercial real estate leases as one transaction form to finance corporate capital assets. Credit risk is common to leases and debt as substitute transactions; but the two credit forms generate different transaction costs and agency conflicts, and thus differential pricing. Causal relationships resulting in explicit options in leases reflect complex agency considerations, which complicate the application of current option pricing principles to value the options. In general, it seems as if lease pricing phenomena are poorly researched. This article aims to identify where more narrowly demarcated research could assist in unraveling lease pricing behavior. | en_US |
dc.language | eng | en_US |
dc.publisher | American Real Estate Society. The Journal's web site is located at http://cbeweb-1.fullerton.edu/finance/jrel/about/default.htm | en_US |
dc.relation.ispartof | Journal of Real Estate Literature | en_US |
dc.title | Exploitation, expropriation and capital assets: the economics of commercial real estate leases | en_US |
dc.type | Article | en_US |
dc.identifier.email | Pretorius, F: fredpre@hkucc.hku.hk | en_US |
dc.identifier.email | Chau, KW: hrrbckw@hkucc.hku.hk | en_US |
dc.identifier.authority | Pretorius, F=rp01018 | en_US |
dc.identifier.authority | Chau, KW=rp00993 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.scopus | eid_2-s2.0-0346965586 | en_US |
dc.identifier.hkuros | 84037 | - |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-0346965586&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 11 | en_US |
dc.identifier.issue | 1 | en_US |
dc.identifier.spage | 3 | en_US |
dc.identifier.epage | 34 | en_US |
dc.publisher.place | United States | en_US |
dc.identifier.scopusauthorid | Pretorius, F=35616801000 | en_US |
dc.identifier.scopusauthorid | Walker, A=55205228800 | en_US |
dc.identifier.scopusauthorid | Chau, KW=24830082500 | en_US |
dc.customcontrol.immutable | sml 130724 | - |
dc.identifier.issnl | 0927-7544 | - |