2016年5月
The Rent Term Premium for Cancellable Leases
JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS
- ,
- ,
- 巻
- 52
- 号
- 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
- ID情報
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- DOI : 10.1007/s11146-015-9528-x
- ISSN : 0895-5638
- eISSN : 1573-045X
- Web of Science ID : WOS:000374404900008