Local presence, scale and vertical integration: Brands as signals

Journal of Real Estate Finance and Economics

Volumn 33, Issue 4, 2006, Pages 389-403

  Benjamin, John D ^a   Chinloy, Peter ^a   Hardin III, William G ^b  

^a AMERICAN UNIVERSITY   (United States)

^b FLORIDA INTERNATIONAL UNIVERSITY   (United States)

Author keywords

Apartments; Branding; Local ownership; Management; Scale; Signals; Vertical Integration

Indexed keywords

EID: 33751531546     PISSN: 08955638     EISSN: None     Source Type: Journal    
DOI: 10.1007/s11146-006-0339-y     Document Type: Article

References (27)

1. Ambrose, B. W., & Sanders, A. B. (2005). Legal restrictions in personal loan markets. Journal of Real Estate Finance and Economics, 30(2), 133-151.
2. Banks, J., & Sobel, J. (1987). Equilibrium selection in signaling games. Econometrica, 55(3), 647-662.
3. Benjamin, J. D., Chinloy, P., & Sirmans, G. S. (2000). Housing vouchers, tenant quality and apartment values. Journal of Real Estate Finance Research, 20(1-2), 61-74.
4. Ben-Shahar, D. (2004). Productive signaling equilibria and over-maintenance: An application to real estate markets. Journal of Real Estate Finance and Economics, 28(2&3), 255-271.
5. Benartzi, S., Michaely, R., & Thaler, R. (1997). Do changes in dividends signal the future or the past? Journal of Finance, 52(3), 1007-1034.
6. Bernheim, B., & Wantz, A. (1995). A tax based test of the dividend signaling hypothesis. American Economic Review, 85(3), 532-551.
7. Chinloy, P. & Maribojoc, E. (1998). Expense and rent strategies in real estate management. Journal of Real Estate Research, 15(3), 267-282.
8. Cho, I., & Kreps, D. (1987). Signaling games and stable equilibria. Quarterly Journal of Economics, 102(2), 179-221.
9. Colwell, P. F., & Marshall, D. W. (1986). Market share in the real estate brokerage industry. Journal of the American Real Estate & Urban Economics Association, 14(4), 583-599.
10. Coval, J. D., & Moskowitz, T. (1999). Home bias at home: local equity preference in domestic portfolios. Journal of Finance, 54(6), 2045-2073.
11. Fama, E., & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay. Journal of Financial Economics, 60(1), 3-43.
12. Frew, J. R., & Jud, G. D. (1986). The value of a real estate brand. Journal of the American Real Estate & Urban Economics Association, 14(2), 374-383.
13. Frino, A, Johnstone, D., & Zheng, H. (2004). The propensity for local traders in futures markets to ride losses: Evidence of irrational or rational behavior? Journal of Banking & Finance, 28(2), 353-372.
14. Halvorson, R., & Palmquist, R. (1980). The interpretation of dummy variables in semi-logarithmic equations. American Economic Review, 70(3), 474-475.
15. Hardin III, W. G., & Cheng, P. (2003). Security, gated communities, and apartment rents. Journal of Real Estate Research, 25(2), 145-158.
16. Ivkovic, Z., & Weisbenner, S. (2005). Local does as local is: information content of the geography of individual investors' common stock investments. Journal of Finance, 60(1), 267-306.
17. Jud, G. D., Rogers, R. C., & Crellin, G. E. (1994). Franchising and real estate brokerage. Journal of Real Estate Finance and Economics, 8(1), 87-93.
18. Lambson, V., McQueen, G., & Slade, B. (2004). Do out-of-state buyers pay more for real estate? An examination of anchoring-induced bias and search costs. Real Estate Economics, 32(1), 85-126.
19. Leland, H., & Pyle, D. (1977). Information asymmetries, financial structure and financial intermediation. Journal of Finance, 32(2), 371-387.
20. Myers, S. C., & Majluf, N. (1984). Corporate financing and investment decisions with firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
21. Rajan, R., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50(5), 1421-1460.
22. Riddiough, T., & Wyatt, S. (1994). Wimp or tough guy: Sequential default risk and signaling with mortgages. Journal of Real Estate Finance and Economics, 9(1), 299-321.
23. Ross, S. (1977). The determination of financial structure: The incentive-signaling approach. Bell Journal of Economics, 8(1), 23-40.
24. Safieddine, S., & Titman, S. (1999). Leverage and corporate performance: evidence from unsuccessful takeovers. Journal of Finance, 54(2), 547-580.
25. Spence, A. M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355-374.
26. Wadsworth, K. H. (1997). Brand marketing apartments. Journal of Property Management, 62(2), 44-49.
27. Wolverton, M. L., III Hardin, W. G., & Cheng, P. (1999). The relationship between unit mix and apartment property performance. Journal of Real Estate Finance and Economics, 19(3), 113-126.