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초록
영어
We analyze the e ects of leverage on the timing of real estate developments that involve conversion of land from agricultural to urban use. We assume that a developer who maximizes the equity value obtains a defaultable mortgage loan. At the time the land conversion occurs, furthermore, a lender originates the mortgage loan at fair market value. We show that, under uncertainty, the leveraged developer moves the exercise of the land conversion option forward with the mortgage loan. Seeking to lower the uncertainty premium, the developer who can make a strategic default decision lowers the level of land conversion triggers. In urban growth models with irre- versible development, lower levels of the triggers expand equilibrium city size.
목차
Abstract
1 Introduction
2 Literature Survey
2.1 Real Option in Real Estate Development
2.2 The Default Option in Mortgage Loans
3 A Model of the Development Option
3.1 A Framework
3.2 The Development Option on Vacant Land
3.3 The Optimal Development Rules
4 The Development Option in the Presence of a Defaultable Mortgage Loan
4.1 Project Valuations after Development
4.2 The Development Option for a Leveraged Developer
4.3 Comparative Statics
5 Leverage, Uncertainty and the City
5.1 The City Boundary
5.2 The Structure of Land Rents and Prices
6 Conclusion
References
Figure
1 Introduction
2 Literature Survey
2.1 Real Option in Real Estate Development
2.2 The Default Option in Mortgage Loans
3 A Model of the Development Option
3.1 A Framework
3.2 The Development Option on Vacant Land
3.3 The Optimal Development Rules
4 The Development Option in the Presence of a Defaultable Mortgage Loan
4.1 Project Valuations after Development
4.2 The Development Option for a Leveraged Developer
4.3 Comparative Statics
5 Leverage, Uncertainty and the City
5.1 The City Boundary
5.2 The Structure of Land Rents and Prices
6 Conclusion
References
Figure
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