Presales, Leverage Decisions, and Risk Shifting

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	Presales, Leverage Decisions, and Risk Shifting
	Chan, Su Han 1; Fang, Fang 2; Yang, Jing 3
刊名	JOURNAL OF REAL ESTATE RESEARCH
	2014-10-01
卷号	36 期号:4 页码:475-509
ISSN号	0896-5803
英文摘要	We set up a game-theoretic model for a market where the presale method (to sell a property before its completion) can be used together with construction loans and mortgages as a developer's financing tool for project developments. This model captures the interactions and dynamics among four players (developer, buyer, mortgage lender, and construction loan lender) involved in the presale market. We find that the use of the presale method together with an increase in leverage (by using construction loan or mortgage) have risk-shifting effects to other players in the market. In our model setup, the developer is the one who benefits if the mortgage lender and construction loan lender do not adjust their interest rates based on the developer's presale strategy.
WOS研究方向	Business & Economics
语种	英语
出版者	AMER REAL ESTATE SOC
WOS记录号	WOS:000348265800003
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1680]
专题	上海财经大学
通讯作者	Chan, Su Han
作者单位	1.Johns Hopkins Univ, Baltimore, MD 21202 USA; 2.Shanghai Univ Finance & Econ, Shanghai 200433, Peoples R China; 3.Calif State Univ Fullerton, Fullerton, CA 92834 USA
推荐引用方式 GB/T 7714	Chan, Su Han,Fang, Fang,Yang, Jing. Presales, Leverage Decisions, and Risk Shifting[J]. JOURNAL OF REAL ESTATE RESEARCH,2014,36(4):475-509.
APA	Chan, Su Han,Fang, Fang,&Yang, Jing.(2014).Presales, Leverage Decisions, and Risk Shifting.JOURNAL OF REAL ESTATE RESEARCH,36(4),475-509.
MLA	Chan, Su Han,et al."Presales, Leverage Decisions, and Risk Shifting".JOURNAL OF REAL ESTATE RESEARCH 36.4(2014):475-509.