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Timing, Marketability, And Location: The New Real Estate Paradigm 

Date: 04/09/2019 Author(s): Vergara, Carles; Gutés, Joan D. Document type: Book "There are three things that matter in the property market: location, location, location." This has been the most well-known quote in the real estate industry for decades. However, it is not all only about location anymore. The last real estate cycle has shown the importance of timing the business cycle. Most real estate investments pursued at the ... More information Read related article

The Term Structure of Interest Rates with Housing 

Date: 17/05/2018 Author(s): Vergara, Carles Editor(s): PPSRC - Public-Private Sector Research Center Document type: Working Paper This paper develops a general equilibrium model to study the link between the amount of capital invested in housing assets and the term structure of interest rates. In the model, the production of housing assets is irreversible and housing assets can be used as collateral for borrowing funds. Agents' decisions about consumption and investments in ... More information

The Big Short: Short Selling Activity and Predictability in House Prices 

Date: 28/09/2016 Author(s): Vergara, Carles; Saffi, Pedro Editor(s): PPSRC - Public-Private Sector Research Center Document type: Working Paper Real estate investment trusts (REITs) provide a unique relationship between real estate assets and stock markets. We study how investors use REITs to speculate on real assets that are subject to high trading frictions and cannot be sold short directly. Using data on US REITs from 2006 to 2013, we find evidence that an increase in REITs' short selling ... More information

Payout Policy and Real Estate Prices 

Date: 18/11/2015 Author(s): Kumar, Anil; Vergara, Carles Editor(s): PPSRC - Public-Private Sector Research Center Document type: Working Paper This paper studies the impact of real estate prices on payout policy. Firms use corporate real estate (CRE) assets as collateral to obtain debt. Through this collateral channel, positive shocks to the value of CRE assets allow firms to increase their leverage in order to finance not only investments but also payouts. We find that an increase in the ... More information

Booms and Busts in House Prices Explained by Constraints in Housing Supply 

Date: 01/06/2013 Author(s): Bulusu, Narayan; Duarte, Jefferson; Vergara, Carles Document type: Working Paper We study the importance of supply constraints in explaining the heterogeneity in house price cycles across geographies in the United States. Comparing the equilibrium house price generated with and without supply constraints in a representative-agent model under irreversibility of housing investment, we derive a relationship between housing returns ... More information

Optimal portfolio choice with predictability in house prices and transaction costs 

Date: 02/2012 Author(s): Corradin, S.; Fillat, J.L.; Vergara, Carles Document type: Working Paper Are housing returns predictable? If so, do households take them into account when making their housing consumption and portfolio decisions? We document the existence of housing return predictability in the U.S. at the aggregate, census region, and state level. We study a portfolio choice model in which housing returns are predictable and adjustment ... More information

Titulización de carreteras de peaje: Un enfoque global en project finance 

Date: 11/2010 Author(s): Vergara, Carles Document type: Non-refereed article Este artículo propone un método de financiación de carreteras de peaje basado en la titulización de los cash flows de los peajes y la participación de empresas privadas concesionarias en asociación con la Administración pública. Esto permite financiar infraestructuras transformando unos activos financieros individuales relativamente ilíquidos en valores ... More information
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