Journal of Real Estate Finance and Economics, 19:1, 5±7 (1999) # 1999 Kluwer Academic Publishers, Boston. Manufactured in The Netherlands. Introduction to the Special Issue: Interactions with Frontiers of Financial EconomicsÐA Research Agenda for Real Estate Finance KOSE JOHN AND CROCKER H. LIU Stern School of Business, New York University Recent years have seen the emergence of substantial scholarly research in real estate- ®nance that uses the methodology and paradigms at the frontiers of ®nancial economics. Agency theory, search theory, and signaling have appeared in several models of real estate ®nance (see, for example, Damodaran, John, and Liu, 1998; Damodaran and Liu, 1993; Williams, 1993a, 1993b, 1995, 1998). Continuous time-valuation models of ®nancial options, real options, and ®xed-income securities and term structure models have also been applied in a number of papers on the pricing of mortgage-backed securities with and without sophisticated prepayment structures (for example, see Dunn and Spatt, 1985, 1986; Grenadier, 1995, 1996; John, Liu, and Radhakrishnan, 1997; Stanton and Wallace, 1998; Williams, 1993a, 1993b, 1997). Paradigms of securitization and optimal design of securities and organizational forms have also made their appearance in recent real estate research (see, for example, DeMarzo and Duf®e, 1998; DeMarzo, 1998; Shiller
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Sep 30, 2004
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