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Article: Exploitation, expropriation and capital assets: the economics of commercial real estate leases

TitleExploitation, expropriation and capital assets: the economics of commercial real estate leases
Authors
Issue Date2003
PublisherAmerican 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?
AbstractThis 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 Identifierhttp://hdl.handle.net/10722/168716
ISSN
2015 SCImago Journal Rankings: 0.476
References

 

DC FieldValueLanguage
dc.contributor.authorPretorius, Fen_US
dc.contributor.authorWalker, Aen_US
dc.contributor.authorChau, KWen_US
dc.date.accessioned2012-10-08T03:31:45Z-
dc.date.available2012-10-08T03:31:45Z-
dc.date.issued2003en_US
dc.identifier.citationJournal Of Real Estate Literature, 2003, v. 11 n. 1, p. 3-34en_US
dc.identifier.issn0927-7544en_US
dc.identifier.urihttp://hdl.handle.net/10722/168716-
dc.description.abstractThis 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.languageengen_US
dc.publisherAmerican Real Estate Society. The Journal's web site is located at http://cbeweb-1.fullerton.edu/finance/jrel/about/default.htmen_US
dc.relation.ispartofJournal of Real Estate Literatureen_US
dc.titleExploitation, expropriation and capital assets: the economics of commercial real estate leasesen_US
dc.typeArticleen_US
dc.identifier.emailPretorius, F: fredpre@hkucc.hku.hken_US
dc.identifier.emailChau, KW: hrrbckw@hkucc.hku.hken_US
dc.identifier.authorityPretorius, F=rp01018en_US
dc.identifier.authorityChau, KW=rp00993en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.scopuseid_2-s2.0-0346965586en_US
dc.identifier.hkuros84037-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0346965586&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume11en_US
dc.identifier.issue1en_US
dc.identifier.spage3en_US
dc.identifier.epage34en_US
dc.publisher.placeUnited Statesen_US
dc.identifier.scopusauthoridPretorius, F=35616801000en_US
dc.identifier.scopusauthoridWalker, A=55205228800en_US
dc.identifier.scopusauthoridChau, KW=24830082500en_US
dc.customcontrol.immutablesml 130724-

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