Three Essays in Real Estate Finance

Download or read book Three Essays in Real Estate Finance written by Eren Cifci and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation covers three essays on real estate finance. The research aims to contribute to the real estate finance literature by exploring the gender earnings difference and social networking effect in the commercial real estate market, and the effects of local housing return on electorates.In the first essay, I expand the literature examining gender dynamics in the labor market, providing the first empirical study focusing specifically on gendered earnings differences in commercial real estate brokerage. We find that the unadjusted observed male agent property sales price premium and shorter marketing times are completely absorbed by property and market attributes. Despite gender performance parity in the sale price and sale time, female agents are involved in significantly fewer property transactions relative to male agents. We document that this gendered outcome is linked to a type of affinity bias known as 0́8homophilic' behavior as buyers and sellers seem to prefer to work with agents of their same gender, thus driving male agent representation.In the second essay, I contribute to real estate network research by investigating the connections between real estate agents' professional social network and their performance. Using the number of followers on agents' LinkedIn profiles as an indicator of social networking, we find that agents with more LinkedIn followers have higher sale prices and transaction volume. The agent benefits of SNS use are robust to market and firm size, as well as agent experience.In the third essay, I evaluate the effects of heterogenous county-level housing market performance on voter behavior in national presidential elections. Consistent with the homevoter" hypothesis, we find that counties with superior house price performance in the four years preceding an election are more likely to "vote-switch" to the incumbent party. Counties with relatively inferior house price performance in the four years leading up to the election are more likely to switch their vote from the incumbent to the challenging party. To our knowledge, this study is the first to investigate and link-local residential real estate performance and national election outcomes.