IDEAS home Printed from https://ideas.repec.org/p/arz/wpaper/eres2011_126.html
   My bibliography  Save this paper

Real Estate and Real Estate Finance as a Research Field - An International Overview

Author

Listed:
  • Wolfgang Breuer
  • Claudia Kreuz

Abstract

We present a citation-based analysis of the most important journals on real estate and real estate finance over a time period from 1986 to 2010. For each year, those three articles with the highest number of citations according to Google Scholar are identified. A thorough analysis of all 75 selected articles reveals that the focus of interest has been on (1) empirical research, (2) mainly using data of residential real estate, with (3) the primary objective of evaluating real estate investment until the midst 1990s. In order to derive reliable risk-return relations for real estate investment, (4) asset pricing as the main task of real estate appraisal is in the centre of attention, too. Appraisal issues have relatively gained importance for the last fifteen years in comparison to investment issues. Interdisciplinary aspects and sustainable issues are only very rarely integrated in appraisal methods, the focus is primarily on maximizing economic returns. Therefore, our citation analysis confirms that the Financial Management Approach of Dasso and Woodward (1980) is the predominant approach particularly in the United States. Our findings regarding our basic sample of articles are crosschecked by several robustness tests. For future research activities, it seems to be quite promising to focus on the one hand on interdisciplinary aspects and on the other hand to contribute to the theoretical foundation of real estate with the aim of developing a common body of knowledge.

Suggested Citation

  • Wolfgang Breuer & Claudia Kreuz, 2011. "Real Estate and Real Estate Finance as a Research Field - An International Overview," ERES eres2011_126, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2011_126
    as

    Download full text from publisher

    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2011-126
    Download Restriction: no
    File URL: https://eres.architexturez.net/system/files/pdf/eres2011_126.content.09049.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jerome Dasso & Lynn Woodward, 1980. "Real Estate Education: Past, Present and Future—The Search for a Discipline," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 8(4), pages 404-416, December.
    2. Jang Jin & Eden Yu, 2011. "World Ranking of Real Estate Research: Recent Changes in School Competitiveness and Research Institutions," The Journal of Real Estate Finance and Economics, Springer, vol. 42(2), pages 229-246, February.
    3. Anthony Pennington-Cross, 2006. "The Value of Foreclosed Property," Journal of Real Estate Research, Taylor & Francis Journals, vol. 28(2), pages 193-214, January.
    4. Roy T. Black & Neil G. Carn & Julian Diaz, III & Joseph S. Rabianski, 1996. "The Role of the American Real Estate Society in Defining and Promulgating the Study of Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 12(2), pages 183-194.
    5. Donald R. Epley, 1996. "The Current Body of Knowledge Paradigms Used in Real Estate Education and Issues in Need of Further Research," Journal of Real Estate Research, American Real Estate Society, vol. 12(2), pages 229-236.
    6. Stephen Cauley & Andrey Pavlov & Eduardo Schwartz, 2007. "Homeownership as a Constraint on Asset Allocation," The Journal of Real Estate Finance and Economics, Springer, vol. 34(3), pages 283-311, April.
    7. David M. Geltner, 1993. "Estimating Market Values from Appraised Values without Assuming an Efficient Market," Journal of Real Estate Research, American Real Estate Society, vol. 8(3), pages 325-346.
    8. Jonathan Dombrow & Geoffrey K. Turnbull, 2004. "Trends in Real Estate Research, 1988--2001: What's Hot and What's Not," The Journal of Real Estate Finance and Economics, Springer, vol. 29(1), pages 47-70, July.
    9. Basu, Sabyasachi & Thibodeau, Thomas G, 1998. "Analysis of Spatial Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 61-85, July.
    10. Arthur M. Weimer, 1956. "The Teaching of Real Estate and Business Administration," Land Economics, University of Wisconsin Press, vol. 32(1), pages 92-94.
    11. Liwen Vaughan & Debora Shaw, 2008. "A new look at evidence of scholarly citation in citation indexes and from web sources," Scientometrics, Springer;Akadémiai Kiadó, vol. 74(2), pages 317-330, February.
    12. Mike Miles & Rebel Cole & David Guilkey, 1990. "A Different Look at Commercial Real Estate Returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(4), pages 403-430, December.
    13. Quan, Daniel C & Quigley, John M, 1991. "Price Formation and the Appraisal Function in Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 127-146, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Andrey Pavlov & Eva Steiner & Susan Wachter, 2018. "The Consequences of REIT Index Membership for Return Patterns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 46(1), pages 210-250, March.
    2. Hwang, Min & Quigley, John M., 2002. "Price Discovery in Time and Space: The Course of Condominium Prices in Singapore," Department of Economics, Working Paper Series qt7ph788mn, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    3. Steegmans, Joep & Hassink, Wolter, 2017. "Financial position and house price determination: An empirical study of income and wealth effects," Journal of Housing Economics, Elsevier, vol. 36(C), pages 8-24.
    4. Jinliang Li & Robert M. Mooradian & Shiawee X. Yang, 2009. "The Information Content of the NCREIF Index," Journal of Real Estate Research, American Real Estate Society, vol. 31(1), pages 93-116.
    5. Baroni, Michel & Barthelemy, Fabrice & Mokrane, Madhi, 2003. "Which Capital Growth Index for the Paris Residential Market?," ESSEC Working Papers DR 03002, ESSEC Research Center, ESSEC Business School.
    6. Jeff Fisher & David Geltner & Henry Pollakowski, 2007. "A Quarterly Transactions-based Index of Institutional Real Estate Investment Performance and Movements in Supply and Demand," The Journal of Real Estate Finance and Economics, Springer, vol. 34(1), pages 5-33, January.
    7. David Geltner & Bryan D. MacGregor & Gregory M. Schwann, 2003. "Appraisal Smoothing and Price Discovery in Real Estate Markets," Urban Studies, Urban Studies Journal Limited, vol. 40(5-6), pages 1047-1064, May.
    8. Donald R. Epley, 1996. "The Current Body of Knowledge Paradigms Used in Real Estate Education and Issues in Need of Further Research," Journal of Real Estate Research, American Real Estate Society, vol. 12(2), pages 229-236.
    9. Pinto, Inês, 2013. "Asset value management in the Portuguese real estate sector," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 22(2), pages 86-97.
    10. Deng, Yongheng & McMillen, Daniel P. & Sing, Tien Foo, 2014. "Matching indices for thinly-traded commercial real estate in Singapore," Regional Science and Urban Economics, Elsevier, vol. 47(C), pages 86-98.
    11. Colin Lizieri & Charles Ward, 2000. "Commercial Real Estate Return Distributions: A Review Of Literature And Empirical Evidence," Real Estate & Planning Working Papers rep-wp2000-01, Henley Business School, University of Reading.
    12. Hoesli, Martin E., 2016. "Real Estate Research in Europe," Working Papers unige:84701, University of Geneva, Geneva School of Economics and Management.
    13. Jean‐Christophe Delfim & Martin Hoesli, 2021. "Robust desmoothed real estate returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(1), pages 75-105, March.
    14. Stephen A. Samaha & Wagner A. Kamakura, 2008. "Assessing the Market Value of Real Estate Property with a Geographically Weighted Stochastic Frontier Model," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(4), pages 717-751, December.
    15. Alm, James & Buschman, Robert D. & Sjoquist, David L., 2014. "Foreclosures and local government revenues from the property tax: The case of Georgia school districts," Regional Science and Urban Economics, Elsevier, vol. 46(C), pages 1-11.
    16. Shaun A. Bond & Soosung Hwang & Gianluca Marcato, 2006. "An Analysis of Commercial Real Estate Returns: Is there a Smoothing Puzzle?," Real Estate & Planning Working Papers rep-wp2006-17, Henley Business School, University of Reading.
    17. Youngha Cho & Soosung Hwang & Yong-ki Lee, 2014. "The Dynamics of Appraisal Smoothing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(2), pages 497-529, June.
    18. Hwang, Min & Quigley, John M., 2002. "Price Discovery in Time and Space: The Course of Condominium Prices in Singapore," Department of Economics, Working Paper Series qt260185hr, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    19. Hwang, Min & Quigley, John M., 2002. "Price Discovery in Time and Space: The Course of Condominium Prices in Singapore," Department of Economics, Working Paper Series qt7ph788mn, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    20. Huyen Nguyen-Thi-Thanh & Georges Gallais-Hamonno & Thi H.V. Hoang, 2008. "Faut-il corriger les rentabilités des hedge funds?," Post-Print halshs-00106400, HAL.

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arz:wpaper:eres2011_126. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Architexturez Imprints (email available below). General contact details of provider: https://edirc.repec.org/data/eressea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.