30
Views
1
CrossRef citations to date
0
Altmetric
Research Articles

Exploitation, Expropriation and Capital Assets: The Economics of Commercial Real Estate Leases

, &
Pages 1-34 | Published online: 18 Jun 2020

  • Adair, A., M. Downie, S. McGreal and G. Vos, European Valuation Practice: Theory andTechniques, London: E. & F. N. Spon, 1996. Techniques
  • Albert, J. D. and G. W. Buetow, Explicit Valuation of Real Estate Lease Options, Real Estate Finance Journal, 2000, Winter, 33-8. Explicit Valuation of Real Estate Lease Options Real Estate Finance Journal 33 8
  • Albert, J. D. and W. McIntosh, Identifying Risk-Adjusted Indifference Rents for Alternative Operating Leases, Journal of Real Estate Research, 1989, 4:3, 81-93. Identifying Risk-Adjusted Indifference Rents for Alternative Operating Leases Journal of Real Estate Research 4 81 93
  • Allen, M. T., R. C. Rutherford and T. M. Springer, The Wealth Effects of Corporate Real Estate Leasing, Journal of Real Estate Research, 1993, 8:4, 567-78. The Wealth Effects of Corporate Real Estate Leasing Journal of Real Estate Research 8 567 78
  • Alvayay, J. R., R. C. Rutherford and W. S. Smith, Tax Rules and the Sale and Leaseback of Corporate Real Estate, Real Estate Economics, 1995, 23:2, 207-38. Tax Rules and the Sale and Leaseback of Corporate Real Estate Real Estate Economics 23 207 38
  • Ang, J. and P. Peterson, The Leasing Puzzle, Journal of Finance, 1984, 39:4, 1055-65. The Leasing Puzzle Journal of Finance 39 1055 65
  • Barclay, M. J. and C. W. Smith Jr., 1995, The Priority Structure of Corporate Liabilities, Journal of Finance, 50:3, 899-917. The Priority Structure of Corporate Liabilities Journal of Finance 50 899 917
  • Barzel, Y., Economic Analysis of Property Rights, Cambridge University Press, 1989. Economic Analysis of Property Rights
  • Benjamin, J. D., 1995, C. De La Torre and J. Musemeci, Controlling the Incentive Problems in Real Estate Leasing, Journal of Real Estate Finance and Economics, 1995, 10, 177-91. Journal of Real Estate Finance and Economics 10 177 91
  • Benjamin, J. D., J. D. Shilling and C. F. Sirmans, Security Deposits, Adverse Selection and Office Leases, Journal of the American Real Estate and Urban Economics Association, 1992, 20:2, 259-72. Sirmans, Security Deposits, Adverse Selection and Office Leases Journal of the American Real Estate and Urban Economics Association 20 259 72
  • Benjamin, J. D., K. M. Lusht and J. D. Schilling, What do Rental Contracts Reveal About Adverse Selection and Moral Hazard in Rental Housing Markets?, Real Estate Economics, 1998, 26:2, 309-29. What do Rental Contracts Reveal About Adverse Selection and Moral Hazard in Rental Housing Markets? Real Estate Economics 26 309 29
  • Benjamin, J. D., J. Sa-Aadu and J. D. Schilling, Influence of Rent Differentials on the Choice between Office Rent Contracts with and without Relocation Provisions, Journal of the American Real Estate and Urban Economics Association, 1992, 20:1, 289-302. Influence of Rent Differentials on the Choice between Office Rent Contracts with and without Relocation Provisions Journal of the American Real Estate and Urban Economics Association 20 289 302
  • Branson, B. C., An Empirical Reexamination of the Leasing Puzzle, Quarterly Journal of Business and Economics, 1995, 34:3, 3-18. An Empirical Reexamination of the Leasing Puzzle Quarterly Journal of Business and Economics 34 3 18
  • Brealey, R.A. and S.C. Myers, 2000, Principles of Corporate Finance (6), Irwin McGraw-Hill.
  • Burstein, M. L., The Economics of Tie-In Sales, Review of Economics and Statistics, 1960, 42, 68-73. Review of Economics and Statistics 42 68 73
  • Capozza, D. R. and G. A. Sick, Valuing Long Term Leases: The Option to Redevelop, Journal of Real Estate Finance and Economics, 1991, 4, 209-23. Valuing Long Term Leases: The Option to Redevelop Journal of Real Estate Finance and Economics 4 209 23
  • Cline, L. A., Life-Cycle of a Net-Leased Property, Real Estate Review, 1997, Fall, 34-8. Life-Cycle of a Net-Leased Property Real Estate Review 34 8
  • Copeland & Weston, Financial Theory and Corporate Policy, Third edition, Addison-Wesley, 1993. Financial Theory and Corporate Policy
  • Crawford, P., C. Harper and J. McConnell, Further Evidence on the Terms of Financial Leases, Financial Management, 1981, Autumn, 7-14. Further Evidence on the Terms of Financial Leases Financial Management 7 14
  • Crosby, N., Globalization of Real Estate Markets and Practices: Implications for the Appraisal Process, Keynote Address at the Second Pacific-Asia Real Estate Research Conference, Singapore, March 1997.
  • Crosby, N., C. Lizieri, S. Murdoch and C. Ward, Implications of Changing Lease Structures on the Pricing of Lease Contracts, The Cutting Edge Conference, Leicester, 1998.
  • Finucane, T. J., Some Empirical Evidence on the Use of Financial Leases, Journal of Financial Research, 1988, 11:3, 321-33. Some Empirical Evidence on the Use of Financial Leases Journal of Financial Research 11 321 33
  • Flath, D., The Economics of Short-term Leasing, Economic Inquiry, 1980, 18, 247-59. The Economics of Short-term Leasing Economic Inquiry 18 247 59
  • Froot, K. A., Incentive Problems in Financial Contracting: Impacts on Corporate Financing, Investment, and Risk Management Policies, In D. B. Crane, K. A. Froot, S. P. Mason, A. F. Perold, R. C. Merton, Z. Bodie, E. R. Sirri and P. Tufano, The Global Financial System: A Functional Perspective, Cambridge, MA: Harvard Business School Press, 1995. Incentive Problems in Financial Contracting: Impacts on Corporate Financing, Investment, and Risk Management Policies, In D. B. Crane, K. A. Froot, S. P. Mason, A. F. Perold, R. C. Merton, Z. Bodie, E. R. Sirri and P. Tufano The Global Financial System: A Functional Perspective
  • Goldberg, V. P., Regulation and Administered Contracts, Bell Journal of Economic andManagement Science, 1976, 426, 439-41. Regulation and Administered Contracts Management Science 426 439 41
  • Graff, R. A., Off-balance Sheet Corporate Finance with Synthetic Leases: Shortcomings and How to Avoid Them with Synthetic Debt, Journal of Real Estate Research, 2001, 22:1/2, 213-41. Off-balance Sheet Corporate Finance with Synthetic Leases: Shortcomings and How to Avoid Them with Synthetic Debt Journal of Real Estate Research 22 213 41
  • Grenadier, S., Valuing Lease Contracts: A Real-Options Approach. Journal of Financial Economics, 1995, 38:3, 297-331. Valuing Lease Contracts: A Real-Options Approach. Journal of Financial Economics 38 297 331
  • Grenadier, S., Leasing and Credit Risk, Journal of Financial Economics, 1996, 42, 333-64. Leasing and Credit Risk Journal of Financial Economics 42 333 64
  • Jensen, M. C. and W. H. Meckling, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 1976, 3, 305-60. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure Journal of Financial Economics 3 305 60
  • Kester, W. C., Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Companies, Financial Management, 1986, 15, 97-113. Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Companies Financial Management 15 97 113
  • Kim, T., Modeling the Behavior of Real Asset Prices, Journal of Real Estate Finance and Economics, 1991, 4, 273-81. Modeling the Behavior of Real Asset Prices Journal of Real Estate Finance and Economics 4 273 81
  • Klein, B., R. G. Crawford and A. Alchian, Vertical Integration, Appropriable Rents, and the Competitive Contracting Process, Journal of Law and Economics, 1978, 21, 297-326. Vertical Integration, Appropriable Rents, and the Competitive Contracting Process Journal of Law and Economics 21 297 326
  • Krishnan, V. S. and R. C. Moyer, Bankruptcy Costs and the Financial Leasing Decision, Financial Management, 1994, 23, 31-42. Bankruptcy Costs and the Financial Leasing Decision Financial Management 23 31 42
  • Lease, R. C, J. J. McConnell and J. S. Schallheim, Realized Returns and the Default and Prepayment Experience of Financial Lease Contracts, Financial Management, 1990, 19, 11-20. Realized Returns and the Default and Prepayment Experience of Financial Lease Contracts Financial Management 19 11 20
  • Lewis, C. M. and J. S. Schallheim, Are Debt and Leases Substitutes?, Journal of Financial and Quantitative Analysis, 1992, 27:4, 497-511. Are Debt and Leases Substitutes? Journal of Financial and Quantitative Analysis 27 497 511
  • Lofsted, C. and A. Baum, International Leasing Structures, London: Royal Institution of Chartered Surveyors, 1993. International Leasing Structures
  • Marsten, F. and R. S. Harris, Substitutability of Leases and Debt in Corporate Capital Structure, Journal of Accounting, Auditing and Finance, 1988, 3, 147-64. Substitutability of Leases and Debt in Corporate Capital Structure Journal of Accounting, Auditing and Finance 3 147 64
  • McConnell, J. J. and J. S. Schallheim, Valuation of Asset Leasing Contracts, Journal ofFinancial Economics, 1983, 12, 237-61. Valuation of Asset Leasing Contracts Financial Economics 12 237 61
  • Merton, R. C. and Z. Bodie, A Conceptual Framework for Analyzing the Financial Environment, In D. B. Crane, K. A. Froot, S. P. Mason, A. F. Perold, R. C. Merton, Z. Bodie, E. R. Sirri and P. Tufano, The Global Financial System: A Functional Perspective, Cambridge, MA: Harvard Business School Press, 1995. A Conceptual Framework for Analyzing the Financial Environment, In D. B. Crane, K. A. Froot, S. P. Mason, A. F. Perold, R. C. Merton, Z. Bodie, E. R. Sirri and P. Tufano The Global Financial System: A Functional Perspective
  • Miceli, T. J. and C. F. Sirmans, Contracting with Spatial Externalities and Agency Problems: The Case of Retail Leases, Regional Science and Urban Economics, 1995, 25, 355-72. Contracting with Spatial Externalities and Agency Problems: The Case of Retail Leases Regional Science and Urban Economics 25 355 72
  • Miles, D., Housing, Financial Markets and the Wider Economy, Wiley & Sons, 1994. Housing, Financial Markets and the Wider Economy
  • Milgrom, P. and J. Roberts, 1992, Economics, Organization and Management, Englewood Cliffs, NJ: Prentice Hall International, 1992.
  • Miller, M. and C. Upton, Leasing, Buying and the Cost of Capital Services, Journal of Finance, 1976, 31, 761-86. Leasing, Buying and the Cost of Capital Services Journal of Finance 31 761 86
  • Mooradian, R. M. and S. X. Yang, Cancellation Strategies in Commercial Real Estate Leasing, Real Estate Economics, 2000, 28:1, 65-88. Cancellation Strategies in Commercial Real Estate Leasing Real Estate Economics 28 65 88
  • Modigliani, F. and M. Miller, The Cost of Capital, Corporation Finance and the Theory of Investment, American Economic Review, 1958, 48, 261-97. The Cost of Capital, Corporation Finance and the Theory of Investment American Economic Review 48 261 97
  • Myers, S. C., The Capital Structure Puzzle, Journal of Finance, 1984, 39, 575-92. The Capital Structure Puzzle Journal of Finance 39 575 92
  • Myers, S. C. and N. Majluf, Corporate Financing and Investments Decisions When Firms Have Information Investors Do Not Have, Journal of Financial Economics, 1984, 13, 187-221. Corporate Financing and Investments Decisions When Firms Have Information Investors Do Not Have Journal of Financial Economics 13 187 221
  • Pollack, M., Sale/Leaseback Transactions: Perspectives and Issues, Real Estate Finance Journal, 2001, Summer, 27-31. Sale/Leaseback Transactions: Perspectives and Issues Real Estate Finance Journal 27 31
  • Posner, K., Hedging Against Changes in Market Rent Levels, Real Estate Review, 1992, Fall, 21-7. Hedging Against Changes in Market Rent Levels Real Estate Review 21 7
  • Posner, K., In Search of Hidden Value: Explicit and Implicit Options in Real Estate Leases, Real Estate Finance, 1993, 10:2, 47-54. In Search of Hidden Value: Explicit and Implicit Options in Real Estate Leases Real Estate Finance 10 47 54
  • Posner, K., Duration: A Measure of the Risk of Real Estate Lease Transactions, Real Estate Review, 1994a, Fall, 24-31. Duration: A Measure of the Risk of Real Estate Lease Transactions Real Estate Review 24 31
  • Posner, K., The Value of Options in Real Estate Leases, Journal of Property Management, 1994b, May/June, 60-4. The Value of Options in Real Estate Leases Journal of Property Management 60 4
  • Pretorius, F., A. Walker and K. W. Chau, The Economics of Commercial Real Estate Leases: A Review, Discussion Paper No S0065, The University of Hong Kong, 2000.
  • Rutherford, R. C., Sale-Leaseback of Corporate Real Estate: An Empirical Investigation, Journalof the American Real Estate and Urban Economics Association, 1990, 18, 522-29. Sale-Leaseback of Corporate Real Estate: An Empirical Investigation of the American Real Estate and Urban Economics Association 18 522 29
  • Schallheim, J. S., R. E. Johnson, R. C. Lease and J. J. McConnell, The Determinants of Yields on Financial Leasing Contracts, Journal of Financial Economics, 1987, 19:1, 45-67. The Determinants of Yields on Financial Leasing Contracts Journal of Financial Economics 19 45 67
  • Senn, M. A., Commercial Real Estate Leases: Preparation and Negotiation, Second edition, New York, NY: Wiley & Sons, 1990. Preparation and Negotiation, Second edition
  • Sharpe, S. A. and H. H. Nguyen, Capital Market Imperfections and the Incentive to Lease, Journal of Financial Economics, 1995, 39:2-3, 271-94. Capital Market Imperfections and the Incentive to Lease Journal of Financial Economics 39 2 3
  • Scherrer, P. S. and T. J. Mathison, Net-Leases as Real Estate Investments, Real Estate Review, 1997, Summer, 51-7. Net-Leases as Real Estate Investments Real Estate Review 51 7
  • Sherrerd, K. F., On Lease Financing and the Agency Costs of Debt, Unpublished Ph.D. Dissertation, University of Virginia, 1987.
  • Sirmans, C. F. and N. G. Miller, Research on Leases, Real Estate Finance, 1997, Spring, 78-83. Research on Leases Real Estate Finance 78 83
  • Smith, C. W., Alternative Methods for Raising Capital-Rights Versus Underwritten Offerings, Journal of Financial Economics, 1986, 5, 273-307. Alternative Methods for Raising Capital-Rights Versus Underwritten Offerings Journal of Financial Economics 5 273 307
  • Smith, C. W. and L. M. Wakeman, Determinants of Corporate Leasing Policy, Journal ofFinance, 1985, 40:3, 895-908. Determinants of Corporate Leasing Policy Finance 40 895 908
  • Titman, S., Urban Land Prices under Uncertainty, American Economic Review, 1985, 75, 505-14. Urban Land Prices under Uncertainty American Economic Review 75 505 14
  • Titman, S. and R. Wessels, The Determinants of Capital Structure Choice, Journal of Finance, 1988, 43, 1-19. The Determinants of Capital Structure Choice Journal of Finance 43 1 19
  • Turner, N. and M. Thomas, Property Market Indices and Lease Structures-The Impact on Investment Return Delivery in the UK and Germany: Part 1, Journal of Property Investmentand Finance, 2000, 19:2, 175-87. Property Market Indices and Lease Structures-The Impact on Investment Return Delivery in the UK and Germany: Part 1 and Finance 19 175 87
  • Ward, C. and N. French, The Valuation of Upwards-only Rent Reviews: An Option Pricing Model, Journal of Property Valuation and Investment, 1997, 15:2, 171-82. The Valuation of Upwards-only Rent Reviews: An Option Pricing Model Journal of Property Valuation and Investment 15 171 82
  • Ward, C., P. H. Hendershott and N. French, Pricing Upwards-only Rent Review Clauses, Journal of Property Valuation and Investment, 1998, 16:5, 447-54. Pricing Upwards-only Rent Review Clauses Journal of Property Valuation and Investment 16 447 54
  • Wheaton, W. C., Percentage Rent in Retail Leasing: The Alignment of Landlord-Tenant Interests, Real Estate Economics, 2000, 28:2, 185-204. Percentage Rent in Retail Leasing: The Alignment of Landlord-Tenant Interests Real Estate Economics 28 185 204
  • Williamson, O., The Economic Institutions of Capitalism: Firms, Markets and Relational Contracting, New York, NY: The Free Press, 1985. Firms, Markets and Relational Contracting
  • Williamson, O., Corporate Finance and Corporate Governance, Journal of Finance, 1988, 43, 567-91. Corporate Finance and Corporate Governance Journal of Finance 43 567 91
  • Williamson, O., Comparative Economic Organization: The Analysis of Discrete Structural Alternatives, Administrative Science Quarterly, 1991, 36:2, 269-96. Comparative Economic Organization: The Analysis of Discrete Structural Alternatives Administrative Science Quarterly 36 269 96
  • Williamson, O., The Mechanisms of Governance, New York, NY: Oxford University Press, 1996. The Mechanisms of Governance
  • Worzala, E. and A. Bernasek, European Economic Integration and Commercial real Estate Markets: An Analysis of Trends in Market Determinants, Journal of Real Estate Research, 1996, 11, 159-81. European Economic Integration and Commercial real Estate Markets: An Analysis of Trends in Market Determinants Journal of Real Estate Research 11 159 81
  • Young, M. and D. W. Greig, Leases as a Key to Performance and Value, In Pagliari, J (Ed.), The Handbook of Real Estate Portfolio Management, Irwin, 1995.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.