scholarly journals House Price Beliefs And Mortgage Leverage Choice

2018 ◽  
Vol 86 (6) ◽  
pp. 2403-2452 ◽  
Author(s):  
Michael Bailey ◽  
Eduardo Dávila ◽  
Theresa Kuchler ◽  
Johannes Stroebel
Keyword(s):  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Heterogeneous Beliefs ◽  
The Other ◽  
Cross Sectional ◽  
Financial Decisions ◽  
The Relationship ◽  
The U.S

Abstract We study the relationship between homebuyers’ beliefs about future house price changes and their mortgage leverage choices. Whether more pessimistic homebuyers choose higher or lower leverage depends on their willingness and ability to reduce the size of their housing market investments. When households primarily maximize the levered return of their property investments, more pessimistic homebuyers reduce their leverage to purchase smaller houses. On the other hand, when considerations such as family size pin down the desired property size, pessimistic homebuyers reduce their financial exposure to the housing market by making smaller downpayments to buy similarly-sized homes. To determine which scenario better describes the data, we investigate the cross-sectional relationship between house price beliefs and mortgage leverage choices in the U.S. housing market. We use plausibly exogenous variation in house price beliefs to show that more pessimistic homebuyers make smaller downpayments and choose higher leverage, in particular in states where default costs are relatively low, as well as during periods when house prices are expected to fall on average. Our results highlight the important role of heterogeneous beliefs in explaining households’ financial decisions.

Rent or buy, what are the odds? Analysing the price-to-rent ratio for housing types within the Northern Ireland housing market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daniel Lo ◽  
Michael James McCord ◽  
John McCord ◽  
Peadar Thomas Davis ◽  
Martin Haran
Keyword(s):  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Main Property ◽  
Property Market ◽  
Important Indicator ◽  
Content Type ◽  
Rental Market ◽  
Price Series ◽  
The Relationship

Purpose The price-to-rent ratio is often regarded as an important indicator for measuring housing market imbalance and inefficiency. A central question is the extent to which house prices and rents form part of the same market and thus whether they respond similarly to parallel stimulus. If they are close proxies dynamically, then this provides valuable market intelligence, particularly where causal relationships are evident. Therefore, this paper aims to examine the relationship between market and rental pricing to uncover the price switching dynamics of residential real estate property types and whether the deviation between market rents and prices are integrated over both the long- and short-term. Design/methodology/approach This paper uses cointegration, Wald exogeneity tests and Granger causality models to determine the existence, if any, of cointegration and lead-lag relationships between prices and rents within the Belfast property market, as well as the price-to-rent ratios amongst its five main property sub-markets over the time period M4, 2014 to M12 2018. Findings The findings provide some novel insights in relation to the pricing dynamics within Belfast. Housing and rental prices are cointegrated suggesting that they tend to move in tandem in the long run. It is further evident that in the short-run, the price series Granger-causes that of rents inferring that sales price information unidirectionally diffuse to the rental market. Further, the findings on price-to-rent ratios reveal that the detached sector appears to Granger-cause those of other property types except apartments in both the short- and long-term, suggesting possible spill-over of pricing signals from the top-end to the lower strata of the market. Originality/value The importance of understanding the relationship between house prices and rental market performance has gathered momentum. Although the house price-rent ratio is widely used as an indicator of over and undervaluation in the housing market, surprisingly little is known about the theoretical relationship between the price-rent ratio across property types and their respective inter-relationships.

Regional economic divergence and house prices: a comparison of Germany and the UK

2019 ◽  
Vol 12 (4) ◽  
pp. 722-735
Author(s):  
Benedikt Blaseio ◽  
Colin Jones
Keyword(s):  
Human Capital ◽  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Annual Data ◽  
Content Type ◽  
Economic Divergence ◽  
Price Trends ◽  
The Uk

Purpose Increasing regional wealth disparities have been explained by the role of agglomeration economies and the concentration of skilled mobile human capital. This paper aims to draw out the role of the housing market by considering the differential experience of Germany and the UK. Design/methodology/approach The empirical analysis is based on the comparison of regional house price trends in Germany and UK-based annual data from 1991 to 2015. Findings Regional house price inequality is found to have increased in both countries with the spatial concentration of skilled human capital. However, the main conclusion is that there are differential paths to regional house price inequality explained by the parameters of each country’s housing market. Originality/value The research is the first to compare and explain differential regional house price trends across countries.

scholarly journals International Real Estate Review

2020 ◽  
Vol 23 (2) ◽  
pp. 267-308
Author(s):  
Are Oust ◽  
◽  
Ole Martin Eidjord ◽  
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Search Term ◽  
Housing Bubble ◽  
Search Terms ◽  
Search Volume ◽  
Google Search ◽  
The U.S

The aim of this paper is to test whether Google search volume indices can be used to predict house prices and identify bubbles in the housing market. We analyze the data that pertain to the 2006?2007 U.S. housing bubble, taking advantage of the heterogeneous house price development in both bubble and non-bubble states in the U.S. Using 204 housing-related keywords, we test both single search terms and indices that comprise search term sets to see whether they can be used as housing bubble indicators. We find that several keywords perform very well as bubble indicators. Among all of the keywords and indices tested, the Google search volume for ¡§Housing Bubble¡¨ and ¡§Real Estate Agent¡¨, and a constructed index that contains the twelve best-performing search terms score the highest at both detecting bubbles and not erroneously detecting non-bubble states as bubbles. A new housing bubble indicator may help households, investors, and policy makers receive advanced warning about future housing bubbles. Moreover, we show that the Google search outperforms the well-established consumer confidence index in the U.S. as a leading indicator of the housing market.

scholarly journals MONETARY LIQUIDITY AND THE BUBBLES IN THE U.S. HOUSING MARKET

2015 ◽  
Vol 19 (1) ◽  
pp. 1-12 ◽  
Author(s):  
I-Chun TSAI
Keyword(s):  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Asset Bubbles ◽  
Price Bubbles ◽  
Current Period ◽  
Housing Bubbles ◽  
The Mean ◽  
The U.S

Extant studies indicate that the excessive easing of monetary supplies can result in surplus liquidity, which can consequently facilitate the formation of asset bubbles. This study references data on house prices in the U.S. from January 1991 to August 2012 to explore the correlations between monetary liquidity and house price bubbles in the U.S. housing market. Fluctuations in house prices are classified as related to either fundamentals (the mean reversion behavior and responses to information of the current period) or bubbles (self-related behavior). Results show a significant correlation between the formation of housing bubbles and monetary supplies. Long-term easing of monetary supplies can cause housing marketing returns to deviate from fundamentals, which then results in an increase in continuous fluctuations in house prices and the likelihood of the formation of house price bubbles.

From Container to Claustrum: Projective Identification in Couples

2014 ◽  
Vol 4 (2) ◽  
Author(s):  
Tamara Feldman
Keyword(s):  
Psychological Health ◽  
Projective Identification ◽  
The Self ◽  
The Other ◽  
Intimate Partners ◽  
And Control ◽  
The Relationship ◽  
As If

This paper is a contribution to the growing literature on the role of projective identification in understanding couples' dynamics. Projective identification as a defence is well suited to couples, as intimate partners provide an ideal location to deposit unwanted parts of the self. This paper illustrates how projective identification functions differently depending on the psychological health of the couple. It elucidates how healthier couples use projective identification more as a form of communication, whereas disturbed couples are inclined to employ it to invade and control the other, as captured by Meltzer's concept of "intrusive identification". These different uses of projective identification affect couples' capacities to provide what Bion called "containment". In disturbed couples, partners serve as what Meltzer termed "claustrums" whereby projections are not contained, but imprisoned or entombed in the other. Applying the concept of claustrum helps illuminate common feelings these couples express, such as feeling suffocated, stifled, trapped, held hostage, or feeling as if the relationship is killing them. Finally, this paper presents treatment challenges in working with more disturbed couples.

Sleep Reactivity and Psychological Health in Normal Sleepers: the moderating role of stress

2018 ◽  
Author(s):  
Jason G. Ellis ◽  
Sarah Allen ◽  
Michael Perlis ◽  
Michael Grandner ◽  
Maria Gardani ◽  
...  
Keyword(s):  
Life Events ◽  
Psychological Health ◽  
Public Health Campaign ◽  
Health Campaign ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Dysfunctional Cognitions ◽  
The Relationship ◽  
Moderating Role

The aim of the present study was to determine whether normal sleepers with vulnerability to insomnia, via high sleep reactivity, demonstrate more sleep-related dysfunctional cognitions and behaviours and poorer psychological health compared to those who are not vulnerable. Further, the influence of stress on the relationship between sleep reactivity and psychological health was also examined. A cross-sectional survey of 737 young adult ‘normal’ sleepers from the general population was undertaken. Results indicated normal sleepers vulnerable to insomnia demonstrated more sleep-related dysfunctional cognitions and behaviours as well as poorer psychological health compared to those not vulnerable. Furthermore, the relationship between sleep reactivity and psychological health was moderated by perceived stress over the previous month and life events over the previous year. Therefore, identifying and supporting those who are vulnerable to insomnia may be a fruitful avenue for preventative public health campaign to mitigate both insomnia and poor psychological health.

Role of filter media in an anaerobic fixed-bed reactor

1995 ◽  
Vol 31 (9) ◽  
pp. 137-144 ◽  
Author(s):  
T. Miyahara ◽  
M. Takano ◽  
T. Noike
Keyword(s):  
Anaerobic Bacteria ◽  
Fixed Bed ◽  
Methanogenic Bacteria ◽  
The Other ◽  
Fixed Bed Reactor ◽  
Filter Media ◽  
Fixed Bed Reactors ◽  
Attached Bacteria ◽  
The Relationship

The relationship between the filter media and the behaviour of anaerobic bacteria was studied using anaerobic fixed-bed reactors. At an HRT of 48 hours, the number of suspended acidogenic bacteria was higher than those attached to the filter media. On the other hand, the number of attached methanogenic bacteria was more than ten times as higher than that of suspended ones. The numbers of suspended and deposited acidogenic and methanogenic bacteria in the reactor operated at an HRT of 3 hours were almost the same as those in the reactor operated at an HRT of 48 hours. Accumulation of attached bacteria was promoted by decreasing the HRT of the reactor. The number of acidogenic bacteria in the reactor packed sparsely with the filter media was higher than that in the closely packed reactor. The number of methanogenic bacteria in the sparsely packed reactor was lower than that in the closely packed reactor.

Board of Director Characteristics, Institutional Ownership, and Fraud: Evidence from Australia

2004 ◽  
Vol 23 (2) ◽  
pp. 105-117 ◽  
Author(s):  
Vineeta D. Sharma
Keyword(s):  
Research Evidence ◽  
Institutional Ownership ◽  
Board Of Director ◽  
Composition And Structure ◽  
High Incidence ◽  
The Board Of Directors ◽  
Director Characteristics ◽  
The Relationship ◽  
The U.S

Due to the high incidence of fraud in Australia, regulatory reports suggest strengthening the monitoring role of the board of directors (BOD). These reports recommend greater independence and no duality (chairperson of the BOD should not be the CEO) on the BOD. While there is no Australian evidence, research evidence in the U.S. supports these suggested reforms. It is not clear whether the research evidence observed in the U.S. will generalize to the Australian setting because of contextual differences. This study extends the U.S. findings to the Australian context and investigates the relationship between two attributes of the BOD, independence and duality, and fraud. In addition, I examine whether institutional ownership plays a role in the context of fraud. The more highly concentrated institutional ownership in Australia suggests the presence of some relationship. Using a matched sample of fraud and no-fraud firms from 1988–2000, I find that as the percentage of independent directors and the percentage of independent institutional ownership increases, the likelihood of fraud decreases. As expected, the results show a positive relationship between duality and the likelihood of fraud. These results support the call for strengthening the composition and structure of the BOD in Australia.

scholarly journals Be Aware of Burnout! The Role of Changes in Academic Burnout in Problematic Facebook Usage among University Students

2021 ◽  
Vol 18 (15) ◽  
pp. 8055
Author(s):  
Katarzyna Tomaszek ◽  
Agnieszka Muchacka-Cymerman
Keyword(s):  
Regression Coefficient ◽  
Population Sample ◽  
Cross Sectional ◽  
Academic Burnout ◽  
Independent Variables ◽  
Social Motive ◽  
Explained Variance ◽  
The Impact ◽  
The Relationship

Most previous research has examined the relationship between FB addiction and burnout level by conducting cross-sectional studies. Little is known about the impact of changes in burnout on FB addiction in an educational context. Through a two-way longitudinal survey of a student population sample (N = 115), this study examined the influence of changes in academic burnout over time and FB motives and importance (measured at the beginning and the end of the semester) on FB intrusion measured at the end of the academic semester. The findings show that: (1) increases in cynicism and in FB motives and importance significantly predicted time2 FB intrusion; (2) FB importance enhanced the prediction power of changes in the academic burnout total score, exhaustion and personal inefficacy, and reduced the regression coefficient of changes in cynicism; (3) the interaction effects between FB social motive use and changes in academic burnout, as well as between FB importance and personal inefficacy and exhaustion, accounted for a significant change in the explained variance of time2 FB intrusion. About 20–30% of the variance in time2 FB intrusion was explained by all the examined variables and by the interactions between them. The results suggest that changes in academic burnout and FB motives and importance are suppressive variables, as including these variables in the regression model all together changed the significance of the relationship between independent variables and FB intrusion.

scholarly journals Emotional Regulation and Overeating Behaviors in Children and Adolescents: A Systematic Review

2021 ◽  
Vol 11 (1) ◽  
pp. 11
Author(s):  
Francesca Favieri ◽  
Andrea Marini ◽  
Maria Casagrande
Keyword(s):  
Systematic Review ◽  
Emotional Intelligence ◽  
Emotion Regulation ◽  
Children And Adolescents ◽  
Longitudinal Studies ◽  
Emotional Regulation ◽  
Inadequate Response ◽  
Cross Sectional ◽  
The Relationship

The worldwide prevalence of obesity has dramatically increased, mostly in children and adolescents. The Emotional Eating theoretical model has proposed that the failure in emotional regulation could represent a risk factor for establishing maladaptive overeating behavior that represents an inadequate response to negative emotions and allows increasing body-weight. This systematic review investigates the relationship between overeating and both emotional regulation and emotional intelligence in childhood and adolescence, considering both cross-sectional and longitudinal studies. Moreover, another goal of the review is evaluating whether emotional regulation and emotional intelligence can cause overeating behaviors. The systematic search was conducted according to the PRISMA-statement in the databases Medline, PsychArtcles, PsychInfo, PubMed, Scopus, and Web of Sciences, and allows 484 records to be extracted. Twenty-six studies were selected according to inclusion (e.g., studies focused on children and adolescents without clinical conditions; groups of participants overweight or with obesity) and exclusion (e.g., studies that adopted qualitative assessment or cognitive-affective tasks to measure emotional variables; reviews, commentary, or brief reports) criteria detailed in the methods. Cross-sectional studies showed a negative association between emotional regulation and overeating behavior that was confirmed by longitudinal studies. These findings highlighted the role of maladaptive emotion regulation on overeating and being overweight. The relationship between these constructs in children and adolescents was consistent. The results indicated the complexity of this association, which would be influenced by many physiological, psychological, and social factors. These findings underline the need for further studies focused on emotion regulation in the development of overeating. They should analyze the mediation role of other variables (e.g., attachment style, peer pressure) and identify interventions to prevent and reduce worldwide overweight prevalence.

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