不動産の証券化について
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1 JREIT 5 Sing and Patel,1998RT Dixit and Pyndics(1994) Quigg(1993) 4 σ σ σ q = q q y σ q y = 4 = 1 Sing 1 38
2 and Patel Sing and Patel (1998) 1000 V (1 β ) /( X A) X ) = Sing 1 ( β β ) / δ ( β, β 1 Sing and Patel(1998) 39
3 DCF Trigeorgis. L Irreversibility 3 Cappzza and Lie (1994) 4 Irreversibility Premium Quigg (1993) Wait to Develop Sing and Patel(1999) Dixit and Pyndic (1994) Dixit,A.,and R.S.Pyndic1994, Investment under Uncertainty Princeton University Press, 7 3 Sing, T.F.,1998, Real Options in Real Estate: Irreversibility, Volatility and Option Premia in U.K Commercial Property Market, Ph.D dissertation at Cambridge University 4 Capozza, D.R., and Li,Y., 1994 The intensity and timing of investment: The case of land, American Economic Review,Vol.84, No.4,pp
4 Sing and Patel McDonalds and Siegel 1985 Waiting to invest Option Titman 1985 Timing and Density of Development Options Capozza and Helseley Urban Land Option Model Williams 1991 Optimal Scale and Timing of Development Quigg 1993 Waiting to Development Option Patel and Paxon 1996 Timing and Quality Options Patel and Paxon 1997 Real Quadric Property Options Adachi 001 Tax Effects on the Option Premium t Black-Sholes Model Binomial Model First Hitting time GBM GBM GBM Binomial Model GBM Williams(1991) 5 Quigg (1993) 6 (Stochastic Process) 5 Williams., J.T. (1991) Real Estate Development as an Option,Journal of Real Estate Finance and Economics, 4,pp191-pp08 6 Quigg.L.,(1993), Empirical Testing of Real Option-Pricing Models,pp61-639,Journal of Finance 41
5 dp = ( α g) dt + σ Pdz...(1) p p p α p = g = dx = α Xdt + σ Xdz...() x x σ P = σ x = dz Quigg z dz P Z ( P, X ) =.(3) X dz dz dz = dp + dx..(4) dp dx -1 = ( α α ) zdt + ( σ dz σ dz z.(5-1) p x p p x x ) W(z) W()W() 1 dw ( z) = zw '( z) dz + σ z W ( z)' ' dt...(5-) 4
6 6 ( dw ( )) rw ( z) dt = E z...(6) (5) (6) 1, 1 ( rw ( z) ) dt = α zw '( z) + σ z W ( z)' ' dt...t<t...(7) W () W W W W 7 1 = E W '( z)(( α p α x ) zdt + ( σ pdz p σ xdz x ) z + W ''( z)(( α p α x ) zdt + ( σ pdz 1 = W '( z)(( α p α x ) zdt + W ''( z)( σ p ρσ pσ x + σ x ) z p σ dz x x ) z) ρ = P, X W() W ( z) + β1 β = K1z K z...(8) K 1 K β 1 β 43
7 1 σ ξ ( ξ 1) + αξ r = 0...(9) 9 m + β = 1 m β = m + 8σ r...(10a) σ m + 8σ r...(10b) σ m= r α σ α = α p α x p ρσ pσ x σ x σ = σ + 8 K 1 K W() W(0) =0...(11a) W() =V(z)...(11b) i W (z) =V (z)...(11c) z 11aβ < 0 β1 W ( z) = K z 1 β1 K1z + k...(1a) W ( z) = z...(1b) 44
8 z * K1 z * + k =...(13) r 13Value Matching Condition (Smooth Pasting Condition) * z * β1 z =...(14) β1 1 k Capozza and Lie(1994) Sing and Patel(1998)001 z * m m r + 8σ ( ) = σ k..(15) m m r + 8σ ( ) 1 σ =/ = p ρσ pσ x σ x σ = σ + Sing and Patel(1998) 45
9 7 Sing and Patel(1999) 8 V(P,X) j V ( P, X ) = X ( Az * + k) z* = j k j 1 j = m + m + 8w r w 7 ArchGarch 8 46
10 m = r ( V + V ) w Vx,Vp Quigg(1993) Vx,Vp x p x ρσ xσ p σ p w = σ + ρ w = σ x (0.3) σ x (0.1) + (0.1) Sing&Patel(1998) Yt = α Xt + ε ) Yt ε = Yt = αxt Y ) Y )
11 Vx,Vp
12 ( ) 49
13 (15) 50
14 y 1 = α + α X + ε X= 51
15 Sing and Patel (1998)
16 Adachi.M, Patel.K, Agricultural Land Conversion and Inheritance Tax Effect Review of Urban and Regional Development Studies 11-, Anderson,J.E.,1993, Land Development,Externalities, and Piguvian Taxes, Journal of Land Economics 33, pp Arnott, R., 1998, Neutral Property Taxation Proceedings of AREUES conference at Maui U.S.A 7. Bar-Ilan,A and W.Strange., 1996, Urban Development with Lags, Journal of Urban Economics, Vol. 39, pp Bentick,B., Improving allocation of land between speculator and users:taxation and paper land, The Economic Record, Vol.48,pp18-41,(197) 9. Capozza, D.R., and Li,Y., 1994 The intensity and timing of investment: The case of land, American Economic Review,Vol.84, No.4,pp McDonald,R. and Siegel,D.,1986, The Value of waiting to invest, Quarterly Journal of Economics, Vol. 101, No.4,pp Quigg,L.,1993, Empirical Testing of Real Option Pricing Models, The Journal of Finance, Vol.68,No.,pp Sing,T.F. and Patel,K.,1999, Empirical Evaluation of the value of waiting to invest, The AREUEA International conference proceeding, p1-p Skouras, A., 1978 Non-neutrality of Land taxation, Public Finance, No.1- Vol.XXX1/XXX1.pp , (1978) 53
17 Real Estate Investment Trust
18 JREIT JREIT JREIT REIT JREIT REIT REIT UPREIT UPREIT 55
19 REIT
20 REIT 57
21 (Listed Property Trusts) Responsible Entity 8 58
22 Amanah Harta Tanah PNB(AHTP), Arab-Manaysian First Property Trust(AMFPT),First Manaysian Property Trust (FMPT), Mayban Property Trust Fund One (MPTF1) REIT REIT UPREIT 59
23 60
24 ssingapore Real Estate Investment Trusts, REIT 1 SREIT SREIT 1 61
25 REIT RIET REIT 6
26 REIT REIT REIT 00 6 REIT SREITSREIT SREIT 3 3 Singapore Property Trust Prof.Liow Kim Hiang Can Property Funds be different from Listed Property Stocks?-A Singapore Perspective PP1-pp14 63
27 1 REIT D/E D/E / 8 D/E / SREIT 64
28 REIT MAS REIT
29 1 Prof.Liow Kim Hiang Can Property Funds be different from Listed Property Stocks?-A Singapore Perspective p 66
30 REIT JREIT 67
31 JREIT 3 JREIT SREITSingapore Real Estate Investment Trust REIT REIT 3 7 SREIT REIT REIT Q-3- REIT Q41 REIT Q 7 5 REIT SREIT REIT REIT REIT REIT 68
32
33 70
34 Singapore Property Trust Q1.1 JREIT Q.1. JREIT Q.1.3 JREIT Q.1 REIT Q.1) REIT 71
35 Q. Q REIT.3.1 REIT Q.41) REIT 7
36 .4.-1 REIT.4.3 REIT 73
37 Manager a) I. II. III. b) I. II. III. c) I. II. SREIT Manager 1 Singapore Property Trust Richard Ming Kirk Tan Legal Perspective: Guidelines and Regulations of Singapre Property Trust PP1-pp1 74
38 I. II. III. IV. V. Leasehold Property I. II. MBS I. II. III. IV. V. 75
39 e A) B) C) A) B) C)
40 Advisor REIT Redemption 119 Redemption
41 a I. II
42 Residential Property Act I. II. III. IV. 79
43 Motohiro Adachi Ph.D at Cambridge ( associate professor University of Wakayama) I am pleased to inform that this data will be strictly used for the purpose of my research, which is to find out the response to JREIT and Property trusts in your country. If you would like to have a copy of the completed findings, I am happy to send the results to you by .) NOTICE: if you return this questionnaire by , please send it to: adachi@emily.eco.wakayama-u.ac.jp Japan Name ( ) Age( ) Country you are currently working in ( ) Date: ( / / ) (Notice) please circle your choice. For questions that require your elaboration, please fill-in your comments in the black space demarcated. (1) The following questions are on J-REIT (Japan Real Estate Investment Trust) that was introduced in 001. Q.1.1) Do you find JREIT market attractive to you? (1)Yes () No (3) No ideas Q1.) If you circle (1) Yes, in (Q.1.1), please indicate below the factors that make the JREIT attractive to you (e.g. high expected capital gains in Japan s residential property market) Q.1.3) If you circle () No, in (Q.1.1), why do you think so? Please indicate the problems associated with JREIT that you are concerned with. ( e.g. lack of proper property investment index in Japan to benchmark JREIT performance ) () Please comment on Real Estate Investment Trusts in your country. 80
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