{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/87429"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/87429","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Essays in Real Estate Pricing","abstract":"\"Second, real estate investment trusts are used to pursue two related research questions: (a) Can a firm's characteristics be used to determine its pricing (as measured by the firm's dividend yield)? (b) After adjusting for these characteristics, do \"\"value\"\" firms outperform \"\"growth\"\" firms? The first of these questions is hedonically addressed. It was found that a significant portion of the cross-sectional variation in REIT dividend yields can be ascribed, using hedonic techniques, to the differences in their characteristics. The explanatory power of the hedonic models generally improved as the time period becomes more recent and the data set becomes more robust. The \"\"excess\"\" dividend yield (from the findings of the first question) was then viewed as the basis for identifying characteristic-adjusted growth and value firms. A zero-investment portfolio is formed each year acquiring the value firms and selling short the growth firms. However, no (statistically significant) arbitrage profits can be earned. This is interpreted as a yet another affirmation of the efficient market hypothesis and, by extension, a refutation that value firms---once adjusted for their characteristics---outperform growth firms.\"","abstract_html":""Second, real estate investment trusts are used to pursue two related research questions: (a) Can a firm's characteristics be used to determine its pricing (as measured by the firm's dividend yield)? (b) After adjusting for these characteristics, do ""value"" firms outperform ""growth"" firms? The first of these questions is hedonically addressed. It was found that a significant portion of the cross-sectional variation in REIT dividend yields can be ascribed, using hedonic techniques, to the differences in their characteristics. The explanatory power of the hedonic models generally improved as the time period becomes more recent and the data set becomes more robust. The ""excess"" dividend yield (from the findings of the first question) was then viewed as the basis for identifying characteristic-adjusted growth and value firms. A zero-investment portfolio is formed each year acquiring the value firms and selling short the growth firms. However, no (statistically significant) arbitrage profits can be earned. This is interpreted as a yet another affirmation of the efficient market hypothesis and, by extension, a refutation that value firms---once adjusted for their characteristics---outperform growth firms."","abstract_has_math":false,"creators":["Pagliari, Joseph L., Jr"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Finance","degree_department":null,"school":null,"contributors":["Roger Cannaday"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2015,"date_issued":"2015-09-28T16:03:13Z","date_published":"2015-09-28T16:03:13Z","updated_at":"2026-07-22T22:26:30Z","subjects":["Economics, Finance"],"languages":["eng"],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["(MiAaPQ)AAI3044195"],"render_values":[{"text":"(MiAaPQ)AAI3044195","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/87429","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Roger Cannaday"]},{"key":"dc:creator","label":"Author","values":["Pagliari, Joseph L., Jr"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2015-09-28T16:03:13Z","10000-01-01","2002"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Finance"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Economics, Finance"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["eng"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/87429","(MiAaPQ)AAI3044195"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["\"Second, real estate investment trusts are used to pursue two related research questions: (a) Can a firm's characteristics be used to determine its pricing (as measured by the firm's dividend yield)? 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This is interpreted as a yet another affirmation of the efficient market hypothesis and, by extension, a refutation that value firms---once adjusted for their characteristics---outperform growth firms.\"","Made available in DSpace on 2015-09-28T16:03:13Z (GMT). No. of bitstreams: 2 license.txt: 4848 bytes, checksum: 96035ab3f5e1c23cc7138a224ce498bd (MD5) 3044195.pdf: 6006216 bytes, checksum: c515224c71b39511e536edd49d0e7aed (MD5) Previous issue date: 2002","Embargo set by: Seth Robbins for item 88710 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","U of I Only","126 p.","Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2002."]},{"key":"dc:title","label":"Title","values":["Essays in Real Estate Pricing"]}]}],"canonical_facts":{"dc:contributor":["Roger Cannaday"],"dc:creator":["Pagliari, Joseph L., Jr"],"dc:date":["2015-09-28T16:03:13Z","10000-01-01","2002"],"dc:description":["\"Second, real estate investment trusts are used to pursue two related research questions: (a) Can a firm's characteristics be used to determine its pricing (as measured by the firm's dividend yield)? (b) After adjusting for these characteristics, do \"\"value\"\" firms outperform \"\"growth\"\" firms? The first of these questions is hedonically addressed. It was found that a significant portion of the cross-sectional variation in REIT dividend yields can be ascribed, using hedonic techniques, to the differences in their characteristics. The explanatory power of the hedonic models generally improved as the time period becomes more recent and the data set becomes more robust. The \"\"excess\"\" dividend yield (from the findings of the first question) was then viewed as the basis for identifying characteristic-adjusted growth and value firms. A zero-investment portfolio is formed each year acquiring the value firms and selling short the growth firms. However, no (statistically significant) arbitrage profits can be earned. 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