論文

査読有り
2016年5月

The Rent Term Premium for Cancellable Leases

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS
  • Jiro Yoshida
  • ,
  • Miki Seko
  • ,
  • Kazuto Sumita

52
4
開始ページ
480
終了ページ
511
記述言語
英語
掲載種別
研究論文(学術雑誌)
DOI
10.1007/s11146-015-9528-x
出版者・発行元
SPRINGER

This study analyzes the rent term premium for leases that can be cancelled by the lessee. We model the lessor's trade-off between leasing costs and the cost of cancellation options based on the recognition that many leases are cancellable by lessees, and lease markets involve significant transaction costs. We demonstrate that, regardless of the expected future rents, the rent term structure is upward-sloping when there is no leasing cost but U-shaped when the lessor faces moderate leasing costs. Residential leases in Japan, which are all cancellable by tenants, exhibit the term structure that is consistent with our calibrated model.

リンク情報
DOI
https://doi.org/10.1007/s11146-015-9528-x
Web of Science
https://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcAuth=JSTA_CEL&SrcApp=J_Gate_JST&DestLinkType=FullRecord&KeyUT=WOS:000374404900008&DestApp=WOS_CPL
ID情報
  • DOI : 10.1007/s11146-015-9528-x
  • ISSN : 0895-5638
  • eISSN : 1573-045X
  • Web of Science ID : WOS:000374404900008

エクスポート
BibTeX RIS