NBER Working Papers by Patric H. Hendershott

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Working Papers

July 2005The Sensitivity of Homeowner Leverage to the Deductibility of Home Mortgage Interest
with Gwilym Pryce: w11489
May 2005Adjustment in Property Space Markets: Estimates from the Stockholm Office Market
with Peter Englund, Ake Gunnelin, Bo Soderberg: w11345
Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique
with Robert J. Hendershott, Bryan D. MacGregor: w11329
October 2003Homeownership and Unemployment: The Roles of Leverage and Public Housing
with Paul Flatau, Matt Forbes: w10021
August 2003Investor Rationality: Evidence from UK Property Capitalization Rates
with Bryan D. MacGregor: w9894
October 2002Determinants of Real House Price Dynamics
with Dennis R. Capozza, Charlotte Mack, Christopher J. Mayer: w9262
September 2002Household Leverage and the Deductibility of Home Mortgage Interest: Evidence from UK House Purchasers
with Dr. Gwilyn Pryce, Dr. Michael White: w9207
Valuing and Pricing Retail Leases with Renewal and Overage Options
with Charles W.R. Ward: w9214
October 2000Taxing and Subsidizing Housing Investment: The Rise and Fall of Housing's Favored Status
with Michael White: w7928
September 2000Estimating the Rental Adjustment Process
with Bryan D. MacGregor, Raymond Y.C. Tse: w7912
March 2000Pricing Upward-Only Adjusting Leases
with Brent W. Ambrose, Malgorzata M. Klosek: w7622
January 1998Another Look at the Capitalization of Interest Subsidies: Evidence from Sweden
with Tommy Berger, Peter Englund, Bengt Turner: w6365
June 1996Expected Home Ownership and Real Wealth Accumulation of Youth
with Donald R. Haurin, Susan M. Wachter: w5629
Borrowing Constraints and the Tenure Choice of Young Households
with Donald R. Haurin, Susan M. Wachter: w5630
March 1995Debt Usage and Mortgage Choice: Sensitivity to Default Insurance Costs
with William C. LaFayette: w5069
Wealth Accumulation and Housing Choices of Young Households: An Exploratory Investigation
with Donald R. Haurin, Susan M. Wachter: w5070
Selling Price and Selling Time: The Impact of Seller Motivation
with Michel Glower, Donald R. Haurin: w5071
Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision
with William C. LaFayette, Donald R. Haurin: w5074
June 1994Bubbles in Metropolitan Housing Markets
with Jesse M. Abraham: w4774
Rental Adjustment & Valuation of Real Estate in Overbuilt Markets: Fundamental vs. Reported Office Market Values in Sydney Australia
September 1993Independent Living and Homeownership: An Analysis of Australian Youth
with Steven C. Bourassa, Donald R. Haurin, R. Jean Haurin: w4450
August 1993Equity and Nonequity Determinants of FHA Single-Family Mortgage Foreclosures in the 1980s
with William R. Schultz: w4440
April 1993Demographic Factors and Real House Prices
with Richard K. Green: w4332
October 1992Introducing Risky Housing and Endogenous Tenure Choice into Portfolio- Based General Equilibrium Models
with Yunhi Won: w3114
Patterns and Determinants of Metropolitan House Prices, 1977-91
with Jesse M. Abraham: w4196
July 1992Causes and Consequences of the 1980s Commercial Construction Boom
with Edward J. Kane: r1737
Office Market Values During the Past Decade: How Distorted Have Appraisals Been?
with Edward J. Kane: w4128
December 1991Local House Price Indexes: 1982-1991
with Donald Haurin, Dongwook Kim: w3933
October 1991Are Real House Prices Likely to Decline by 47 Percent?
July 1991An Altered U.S. Housing Finance System: Implications for Housing
January 1991The Changing Fortunes of FHA's Mutual Mortgage Insurance Fund and the Legislative Response
with James A. Waddell: w3592
December 1990The Market for Home Mortgage Credit: Recent Changes and Future Prospects
August 1990The Continued Interest Rate Vulnerability of Thrifts
with James D. Shilling: w3415
June 1990Revenue and Welfare Implications for a Capital Gains Tax Cut
with Eric Toder, Yunhi Won: w3386
March 1990Real Rents and Household Formation: The Effect of the 1986 Tax Reform Act
with Donald R. Haurin, Dongwook Kim: w3309
Tenure Choice of American Youth
with Donald R. Haurin, Dongwook Kim: w3310
Risk and Return on Real Estate: Evidence from Equity REITs
with K.C. Chan, Anthony B. Sanders: w3311
July 1989Treasury Bill Rates in the 1970s and 1980s
with Joe Peek: w3036
Interest Rates in the Reagan Years
with Joe Peek: w3037
June 1989Reforming Conforming Loan Limits: The Impact on Thrift Earnings and Taxpayer Outlays
with James D. Shilling: w3010
May 1989The Long-Run Impact on Federal Tax Revenues and Capital Allocation of A Cut in the Capital Gains Tax Rate
with Yunhi Won: w2962
February 1989Integration of Mortgage and Capital Markets and the Accumulation of Residential Capital
with Robert Van Order: w2847
July 1988The Impact of the Agencies on Conventional Fixed-Rate Mortgage Yields
with James D. Shilling: w2646
March 1988The Tax Reform Act Of 1986 And Economic Growth
On the Determinants of the Value of Call Options on Default-Free Bonds
with Stephen A. Buser, Anthony B. Sanders: w2529
September 1987Household Formation and Home Ownership: The Impacts of Demographics andTaxes
July 1987Homeownership Rates of Married Couples: An Econometric Investigation
with Donald R. Haurin, David C. Ling: w2305
June 1987Understanding the Real Estate Provisions of Tax Reform: Motivation and Impact
with James R. Follain, David C. Ling: w2289
Pricing Mortgages: An Interpretation of the Models and Results
with Robert Van Order: w2290
Private Saving in the United States: 1950-85
with Joe Peek: w2294
May 1987Home Ownership and Real House Prices: Sources of Change, 1965-85
December 1986Tax Policy and Stock Prices
with Thomas Downs: w2094
Real Estate and the Tax Reform Act of 1986
with James R. Follain, David C. Ling: w2098
June 1986Mortgage Pricing: What Have We Learned So Far?
April 1986Tax Reform and the Slope of the Playing Field
Tax Changes and Capital Allocation in the 1980s
November 1985Household Formations
with Marc Smith: w1390
October 1985Household Saving: An Econometric Investigation
with Joe Peek: w1383
The Pricing of Default-Free Mortgages
with Stephen A. Buser: w1408
The Administration Tax Reform Proposal and Housing
with David C. Ling: w1740
September 1985Affordability and the Value of Seller Financing
with Donald R. Haurin: w1695
Tax Reform and Financial Markets
Tax Reform, Interest Rates and Capital Allocation
February 1985Prospective Changes in Tax Law and the Value of Depreciable Real Estate
with David C. Ling: w1352
1985Pricing Adjustable Rate Mortgages
December 1984Debt and Equity Returns Revisited
Tax Reform and Housing
with David C. Ling: w1524
Pricing Rate Caps on Default-Free Adjustable-Rate Mortgages
with Stephen A. Buser, Anthony B. Sanders: w1525
September 1984Relative Factor Price Changes and Equity Prices
with Peter J. Elmer: w1449
June 1984Pricing FHA Mortgage Default Insurance
with Donald F. Cunningham: w1382
1984Trading and the Tax Shelter Value of Depreciable Real Estate
with David C. Ling: w1267
Expectations, Surprises and Treasury Bill Rates: 1960-82
November 1983The Economics of Mortgage Terminations: Implications for Mortgage Lenders and Mortgage Terms
with Sheng Cheng Hu, Kevin E. Villani: w0918
June 1983Debt and Equity Yields: 1926-80
with Roger D. Huang: w1142
December 1982Government Policies and the Allocation of Capital Between Residential and Industrial Uses
July 1982Inflation, Resource Utilization, and Debt and Equity Returns
Taxes and the User Cost of Capital for Owner-Occupied Housing
with Joel Slemrod: w0929
December 1981Investment in Producers' Equipment
with Sheng Cheng Hu: r0233
The Impacts on Capital Allocation of Some Aspects of the Economic Recovery Tax Act of 1981
with James D. Shilling: w0825
September 1981Accelerating Inflation, Nonassumable Fixed-Rate Mortgages, and Consumer Choice and Welfare
with Sheng Cheng Hu: w0755
August 1981The Terminations Premium in Mortgage Coupon Rates: Evidence on the Integration of Mortgage and Bond Markets
with Kevin E. Villani: w0738
Housing Finance in the United States in the Year 2001
with Kevin E. Villani: w0739
July 1981The Allocation of Capital Between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints
with Sheng Cheng Hu: w0718
Savings and Loan Usage of the Authority to Invest in Corporate Debt
with Kevin E. Villani: w0725
April 1981Real User Costs and the Demand for Single-Family Housing
November 1980The Demand for Tax-Exempt Securities by Financial Institutions
with Timothy W. Koch: r0099
September 1980The Economics of Tenure Choice: 1955-79
with James D. Shilling: w0543
August 1980Analysis of the Impact of Capital-Specific Policies or Legislation
February 1980Mortgage Revenue Bonds: Tax Exemption with a Vengeance
August 1979Inflation and the Benefits from Owner-Occupied Housing
with Sheng Cheng Hu: w0383
July 1979The Decline in Aggregate Share Values: Inflation, Taxation, Risk and Profitability

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