Ascherl, Claudia; Schrand, Liesa; Schaefers, Wolfgang; Dermisi, Sofia. (2019). The Determinants of Executive Compensation in US REITs: Performance vs. Corporate Governance Factors. Journal Of Property Research, 36(4), 313 – 342.
View Publication
Abstract
The paper examines whether executive compensation packages within the US REIT industry are determined merely by performance or also by CEO power mechanisms that have an essential influence on board-level negotiations. We offer original insights into management compensation arrangements during and after the financial crisis. The relative importance of cash bonuses in CEO compensation contracts has more than halved after the crisis. Simultaneously, after the financial crisis, equity-based compensation became increasingly important. Concerning the pay-for-performance link, our results show no relationship during the financial crisis. However, after the crisis, we find a strong significant link between remuneration packages and corporate success.
Keywords
Executive Compensation; Chief Executive Officers; Negotiations; Compensation; Packages; Crises; Economic Crisis; Corporate Governance; United States--us
Tillyer, Marie Skubak; Wilcox, Pamela; Walter, Rebecca J. (2021). Crime Generators In Context: Examining ‘place In Neighborhood’ Propositions. Journal Of Quantitative Criminology, 37(2), 517 – 546.
View Publication
Abstract
Objectives The present study tests hypotheses regarding the moderating influence of neighborhood-level criminal opportunity on the relationship between crime generators and block-level crime. Methods We first estimated multilevel negative binomial regression models for violent, property, and drug crimes to identify crime-type specific crime generators on each block. We then estimated a series of crime-type specific models to examine whether the effects of violent, property, and drug crime generators are moderated by three census block group-level indicators of neighborhood criminal opportunity-concentrated disadvantage, vehicular traffic activity, and civic engagement. Results The positive relationship between crime generators and crime on blocks was exacerbated in census block groups with high levels of concentrated disadvantage and high levels of traffic activity for all three crime types. The effects of crime generators on block-level crime were significantly tempered in census block groups with high levels of civic engagement. Conclusions Particular place types do not generate crime similarly across varying neighborhood contexts. Rather, the criminogenic effects of micro-places appear to be exacerbated in neighborhoods with extensive criminal opportunity and tempered in neighborhoods with less criminal opportunity.
Keywords
Neighborhoods; Crime; Regression Analysis; Census; Crime And Place; Crime Generators; Multilevel Opportunity; Place In Neighborhood; Alcohol Outlet Density; Block-level Analysis; Social-disorganization; Routine Activities; Longitudinal Analysis; Street Robbery; Land-use; Multilevel; Victimization; Community; Citizen Participation; Traffic; Property Offences; Drugs; Effects; Property
Colburn, Gregg. (2019). The Effect of Market Conditions on the Housing Outcomes of Subsidized Households: The Case of the US Voucher Programme. Housing Studies, 34(9), 1465 – 1484.
View Publication
Abstract
Since being created in the 1970s, housing vouchers have become the primary mode of federal housing support for low-income households in the US. The voucher programme was designed to provide recipients with the mobility needed to secure higher quality housing in neighbourhoods of their choice. Decades of analysis suggest that the programme has failed to produce the favourable outcomes envisioned by policymakers. To add to our understanding of the outcomes of this important federal programme, this paper seeks to underscore the importance of context-dependent policy analysis. In particular, this study analyses the impact of housing market conditions on the outcomes achieved by voucher recipients. Using neighbourhood and housing outcome data from the American Housing Survey, and median rent and rental market vacancy data, this paper demonstrates the important role that market conditions play in programme outcomes. The results from this study suggest that voucher recipients are successful at improving housing unit quality outcomes regardless of market conditions, but the ability to move to a better neighbourhood is a function of vacancy rates.
Keywords
Housing Subsidies; Housing Vouchers; Housing Market; Poor Communities; Neighborhoods; Housing; Housing Choice Voucher; Market; Neighbourhood; Section 8; Vacancy; Voucher; Residential-mobility Decisions; Choice Vouchers; Neighborhood; Income; Live; Families; Place; Home; Markets; Economic Conditions; Policy Analysis; Households; Impact Analysis; Policy Making; Low Income Groups; Vouchers; Mobility; Vacancies; Conditions; United States--us
Walter, Rebecca J.; Caudy, Michael; Galvan Salcido, Christine; Ray, James; Viglione, Jill. (2021). Exploring Post-Incarceration Residential Trajectories: Indicators of Housing Stability During the Re-entry Process. Housing, Theory & Society, 38(3), 300 – 319.
View Publication
Abstract
Extant research on housing instability focuses on external housing barriers but limited research exists on individual-level indicators of housing stability for individuals returning to society from incarceration. This study addresses this gap with data collected from 70 individuals recently released from incarceration who returned to Bexar County (San Antonio, Texas) that were not placed in specific housing programmes, leaving them to seek housing independently. The study explores residential trajectories and the utility of individual-level characteristics, specifically readiness for change, in relation to housing stability. The findings reveal the importance of assessing the dynamics of each individual living situation since many of the participants are housed but not in stable housing situations. Furthermore, readiness for change (specifically action, self-sufficiency, and human agency) is found to be a significant indicator of housing stability and may represent an important intervention target for re-entry and reintegration programmes. [ABSTRACT FROM AUTHOR]; Copyright of Housing, Theory & Society is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Keywords
Housing Discrimination; Housing; Self-reliant Living; Housing Instability; Housing Stability; Re-entry; Readiness For Change; Residential Trajectories
Reina, Vincent; Acolin, Arthur; Bostic, Raphael W. (2019). Section 8 Vouchers and Rent Limits: Do Small Area Fair Market Rent Limits Increase Access to Opportunity Neighborhoods? An Early Evaluation. Housing Policy Debate, 29(1), 44 – 61.
View Publication
Abstract
One critique of the U.S. Department of Housing and Urban Development (HUD)'s Housing Choice Voucher program is that its maximum rent limit is set at the metropolitan level, making more expensive neighborhoods effectively off limits to households who receive rental assistance. As a result, the design of the program limits a voucher household's access to opportunity neighborhood. In response, HUD created the Small Area Fair Market Rent (SAFMR) demonstration program, which calculates the maximum voucher rent at the zip code level so that HUD's rent limits more closely align with local neighborhood rents. In theory, this program should improve a voucher household's choice set and location outcomes. Looking at changes in the location of beneficiaries in the six sites that participated in the SAFMR demonstration program, we find a significant amount of regional variation in the results. Specifically, introduction of the SAFMR rent calculations results in voucher households living in higher opportunity neighborhoods in Dallas, Texas, in lower opportunity neighborhoods in Chattanooga, Tennessee, and mixed effects in other areas. These mixed results highlight some of the potential incremental benefits of the program and reinforce the importance of viewing this policy over a longer period of time, and in the context of other constraints voucher households face in accessing neighborhood opportunity.
Keywords
Choice; Mobility; Families; Live; Section 8; Low-income Housing; Subsidized Housing; Vouchers; Neighborhood; Access; Markets; Mathematical Analysis; Federal Agencies; Urban Development; Housing; Households; Neighborhoods; Rents; Limitations; Beneficiaries; Housing Subsidies; United States--us; Dallas Texas; Chattanooga Tennessee
Hall, Joshua C.; Lacombe, Donald J.; Neto, Amir; Young, James. (2022). Bayesian Estimation of the Hierarchical SLX Model with an Application to Housing Markets. Journal Of Economics & Finance, 46(2), 360 – 373.
View Publication
Abstract
Hierarchical or multilevel models have long been used in hedonic models to delineate housing submarket boundaries in order to improve model accuracy. School districts are one important delineator of housing submarkets in an MSA. Spatial hedonic models have been extensively employed to deal with unobserved spatial heterogeneity and spatial spillovers. In this paper, we develop the spatially lagged X (or SLX) hierarchical model to integrate these two approaches to better understanding local housing markets. We apply the SLX hierarchical model to housing and school district test score data from Cincinnati Ohio. Our results highlight the importance of accounting for spatial spillovers and the fact that houses are embedded in school districts which vary in quality. [ABSTRACT FROM AUTHOR]; Copyright of Journal of Economics & Finance is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Keywords
Housing Market; Multilevel Models; Test Scoring; Cincinnati (ohio); Ohio; Bayesian Methods; Slx Model; Spatial Econometrics; Spatial Hierarchical Models
Salcido, Christine Galvan; Ray, James V.; Caudy, Michael; Viglione, Jill; Walter, Rebecca J. (2019). Associations Between Psychopathic Traits and Readiness for Change: An Exploratory Analysis. Personality And Individual Differences, 141, 86 – 91.
View Publication
Abstract
Readiness to change (RTC) indicates an individual's recognition of a problem as well as confidence in their ability to change (Gaume, Bertholet, & Daeppen, 2016), and is hypothesized to play an important role in therapeutic processes aimed at changing offending behaviors (Polaschek & Ross, 2010). However, prior research has generally failed to consider RTC among severe offender subgroups (Hodge & Renwick, 2002; Howells & Day, 2007) such as those with psychopathic personality features whom have often been characterized as resistant to treatment (Harris & Rice, 2006; Salekin, 2002). In the current sample of formerly incarcerated persons (N = 70), we explore the relationship between psychopathic personality traits, as measured by the Triarchic Psychopathy Measure (TriPM; Patrick, 2010), and the unique components of RTC, as measured by an originally constructed assessment called the Change Readiness Scale (CRS). Each item of the CRS has been empirically supported and combined to form five subscales of change readiness (recognition, action, social bonds, human agency, and self efficacy). Results show unique associations between the subscales of the TriPM and aspects of the RTC construct, yielding it necessary to further explore these relationships to better understand how these factors may contribute to treatment and justice system outcomes.
Keywords
High-risk; Therapeutic Alliance; Personality; Validation; Construct; Behavior; Psychopathy; Readiness To Change; Triarchic Psychopathy Measure; Reentry; Offender
Acolin, Arthur; Colburn, Gregg; Walter, Rebecca J. (2022). How Do Single-Family Homeowners Value Residential and Commercial Density? It Depends. Land Use Policy, 113.
View Publication
Abstract
This paper develops estimates of the relationship between local density and single-family home values using 2017 transactions for five U.S. metropolitan regions: Chicago, Los Angeles, Minneapolis, Philadelphia, Seattle. Proposals to build new commercial and residential development projects that would increase local density commonly face opposition from local homeowners. Academic literature links the response from homeowners to concerns that higher density is associated with lower property values but there is limited empirical evidence establishing this relationship at the local level. We find a positive and significant relationship between density and house value in the core area of the five metropolitan regions we analyze. Within 7.5 miles of the center of these metropolitan regions, a 10% increase in surrounding built area density is associated with a 1.1–1.9% increase in house prices per square foot. For outlying areas, the estimates are smaller and even negative in several cases. We instrument density based on topographic and soil characteristics and find similar results. These findings point to the need for a more nuanced discussion of the relationship between local density and housing values.
Keywords
Population Density; Soil Density; Single Family Housing; Home Ownership; Housing Development; Housing Discrimination; Home Prices; Los Angeles (calif.); Density; Single-family House Value; Urban Form; Residential Development; Real Estate; Property Values; Residential Density; Development Programs; Housing; Estimates; Metropolitan Areas; Development Projects; Empirical Analysis; Families & Family Life; Soil Characteristics
Tillyer, Marie Skubak; Walter, Rebecca J. (2019). Busy Businesses and Busy Contexts: The Distribution and Sources of Crime at Commercial Properties. Journal Of Research In Crime & Delinquency, 56(6), 816 – 850.
View Publication
Abstract
Objective: Examine the distribution and sources of crime across freestanding businesses in San Antonio. We test hypotheses about the main and interactive effects of neighborhood and business characteristics on crime at the business, with a focus on busy contexts and busy businesses. Method: Police crime incident data are spatially joined to study area business parcels. Additional data sources include Infogroup USA Business Data, the American Community Survey, and an Environmental Protection Agency traffic activity indicator. Multilevel negative binomial regression models are estimated to observe the main and interactive effects of census block group and business variables on crime at the parcel. Results: Businesses located in block groups with more commercial property and high levels of vehicular traffic experience more crime. In addition, crime is higher at busy businesses, as indicated by employee size, sales volume, and square footage. Busy contexts and busy businesses do not appear to interact to increase crime at the parcel beyond their main effects. Conclusions: Crime is clustered at relatively few businesses, and this variation cannot be explained by business type alone. Both neighborhood and business characteristics are associated with crime at freestanding businesses, with busy businesses and those within busier block groups experiencing more crime.
Keywords
Business Enterprises; Commercial Real Estate; Crime; Businesses; Busy Places; Crime And Place; Crime Concentration; Infogroup Usa (company); United States. Environmental Protection Agency; Social-disorganization; Routine Activities; Street Segments; Micro Places; High-schools; Hot-spots; Criminology; Neighborhoods; Facilities; Multilevel; Companies; Law Enforcement; Business; Protection; Traffic; Police; Census; Trade; Sales; Environmental Protection; Commercial Property
Alfalah, Abdullah; Eamonn D’arcy; Heinig, Steffen; Stevenson, Simon. (2022). Modelling Housing Market Fundamentals And The Response To Economic And Political Events: Empirical Evidence From Kuwait. International Journal Of Housing Markets And Analysis, 15(4), 736 – 761.
View Publication
Abstract
Purpose > The purpose of this paper is to examine the sensitivity of the Kuwait housing market to major local and regional geo-political and economic events. Design/methodology/approach > This paper examines the market dynamics of the housing market in Kuwait. Kuwait provides an interesting market to consider owing to its position as a major oil producer, its sensitivity to geo-political events and its unusual demographic characteristics. Findings > The error-correction model highlights that market is relatively volatile, with evidence of mean-reverting behaviour. Only when the data is smoothed are their more consistent findings with respect to underlying fundamentals. This paper also examines the response of the market to seven regional and local events. Of particular interest is that the one event that results in a consistent significant response is domestic legislation directly concerned with housing. This has a far greater impact than local or regional geo-political events. Originality/value > Very few papers have considered how economic and political shocks directly impact housing markets using an event study approach. Given its geographic location and also its economic dependence on oil, Kuwait is an interesting market to consider.
Keywords
Politics; Regional Development; Population; Legislation; Housing; Sensitivity; Error Correction; Housing Prices; Impact Analysis; Emerging Markets; Economic Models; Gross Domestic Product--gdp; Reits; Economic Growth; Petroleum Production; Geographical Locations; Middle East; United States--us; Kuwait