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2015, Vol.25, No.2

  • 1.

    The Appropriateness of the Expected Interest Rates Based on Use Value

    KIm, Jung Sun | Jung-Suk Yu | 2015, 25(2) | pp.5~20 | number of Cited : 0
    Abstract
    In this study, we aim to clarify the theoretical definitions of ‘underlying price’ and ‘expected interest rate’ in question, and calculate the expected interest rates of both 'lease on a deposit basis' and 'monthly rent' depending on use values in 25 autonomous Gus in Seoul and then verify whether accurate when market rents are considered. First, the expected interest rate depending on use value is found to vary by autonomous Gus and smaller areas, and for accurate calculation of estimation-method rent, it seems to be necessary to set detailed standards for calculating the expected interest rate currently classified only by the measures of metropolitan cities and by the property types. Second, the current expected interest rate when market value is applied to underlying price depending on the type of apartment in Seoul is 5.4%∼6.0%, whereas the expected interest rate when use value is applied is calculated at 4.23%∼4.75%. This suggests that expected interest rate varies according to the definition of the concept of underlying price. Third, estimation-method rent and market rent based on the currently presented expected interest rate are overestimated 2.584∼2.118 times on average, but when based on use value those are underestimated 0.922∼1.033 times.
  • 2.

    An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies

    강원철 | Sung-soo Koh | 2015, 25(2) | pp.21~34 | number of Cited : 7
    Abstract
    This research analyzed the portfolio effect of corporate real estate based on 488 KSE-Listed manufacturing companies for the period from 1995 to 2011 with the purpose of expanding domestic research related to corporate real estate while also providing methodological tools related to efficient asset management for corporate real estate asset managers. This research directly extracted the beta and alpha for each company, which are representative of systematic risk and excessive performance, respectively. The relationship between the corporate real estate holding ratio and the extracted beta (alpha), set as dependent variables, was then investigated. The main research result can be summarized as follows. First, corporate real estate holding ratio identified a significant 1% negative (-) effect in beta, which represents systematic risk, whereas a 10% positive (+) influence was identified in alpha, which represents excessive return, when the portfolio effect of corporate real estate was verified. This means that corporate real estate has a positive influence on corporate value, indicating the necessity for active asset management of corporate real estate. Second, possession real estate holding ratio had a significant 1% negative (-) effect on beta and a significant 10% positive (+) effect on alpha. In contrast, investment real estate holding ratio had a negative (-) effect on beta and a positive (+) effect on alpha, but neither was significant. This means that possession real estate has a portfolio effect, while investment real estate does not.
  • 3.

    Effects of Children’s Age on Household’s Residential Mobility for Educational Reasons

    정재은 | Chungyu Park | 2015, 25(2) | pp.35~44 | number of Cited : 6
    Abstract
    The study has empirically analyzed the effects of children's ages on household’s residential mobility for educational reasons. Households were divided into two categories: those with 1 child and the ones with 2 or more children. In the households with 2 or more children, the ages of first child and the youngest one were used as independent variables. Also, children's ages were divided into a preschooler age group, an elementary school age group, and a middle or high school age group to analyze when the likelihood of residential mobility for educational reasons was high. The probit model analysis results are as follow. First, when the children were younger, the possibility of the moving for educational reasons was higher. Second, the possibility of the moving for education was the highest in the elementary school age of the child in households with 1 child, and in the preschooler age of the child in ones with 2 children and more. Third, in households with 2 or more children, the age of the first child had a bigger influence on residential mobility for educational reasons than the age of the youngest. Fourth, the absolute value of the coefficient value of the age of children in households with 2 or more children was bigger than that of the child in the 1-child household, which meant that households with 2 or more children were more active in moving for educational reasons than their counterpart.
  • 4.

    Recognition of the Effectiveness of the Unification of Management Agencies of State-Owned Lands

    김장래 | 김종서 | Jang Hee Soon | 2015, 25(2) | pp.45~56 | number of Cited : 0
    Abstract
    This study aims to recognize the effectiveness of the unification of management agencies of state-owned lands. For these purpose of this study, I gained the data from working managers of the Korea Asset Management Corporation by a survey and used related precedent studies. The findings of this study deduced from the survey are as follows. More than 70 percent of the respondents in the survey answered in the affirmative toward a systemic approach in establishing business plan, a effective use of budget, a co-working with the government, and a solving the problem of an occupation without permission, a non-using state-owned lands. More than 50 percent of the respondents answered in the affirmative toward exclusion an external political factors to manage them and the prevention of a conflict of interest between the central government and the local government. It shows that more than 70 percent of the respondents has a difficulty to manage them due to shortage of managers. And, it needs to make a better managing plan to use small scaled state-owned lands.
  • 5.

    The Impact of Household Debt on Housing Wealth Effect: Evidence from Micro Data

    Chae Subok | 2015, 25(2) | pp.57~70 | number of Cited : 9
    Abstract
    In this paper, we empirically examine how household‘s mortgage debt and house price influenced household consumption. To this end, this study used data on homeowner households collected for 4 years by the National Survey of Tax and Benefit (NSTB) and analyzed the effects of an increase in housing prices and mortgage variables on total consumption expenditures. The analysis results show that housing price has a positive effect, whereas leveraging, which continuously leads to incurred household debt, has a negative one. In addition, an increase in the house price of households whose loan to value ratio continue to increase plays a role in partially reducing the wealth effect. Although debt may temporarily increase household consumption, it can not become a tool for economic revitalization. Because the leveraging can cause a debt-repayment burden.
  • 6.

    Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables

    이재욱 | 방두완 | 2015, 25(2) | pp.71~84 | number of Cited : 16
    Abstract
    We study the determinants of the auction price ratio of auction market in Korea for the 2004-2013 period using loan-level auction data. We estimate the hedonic auction model with auction characteristics and macroeconomic variables. Macroeconomic variables are the 3-year treasury rates, the change in GDP, the change in CPI, unemployment rates and the change in the housing price. Futhermore we consider the real estate cycles, which we break into the real estate cycle 1(up market) and the real estate cycle 2(down market). We find the number of failed auctions has the greatest explanatory power, followed by the number of bidders. We conclude that the most important factor influencing auction price ratio is auction characteristics. We also find that the number of failed auctions and the number of bidders are statistically significant. Considering the effect of macroeconomic variables, we conclude that the 3-year treasury rate is statistically significant in real estate auction market. We find that the determinants of the auction price ratio of auction market do differ greatly through the real estate market cycles.
  • 7.

    A Study on Monthly Rent Conversion Rate and Jeonse Price Ratio in the Housing Rental Market

    김동중 | Sungho Yun | 2015, 25(2) | pp.85~98 | number of Cited : 9
    Abstract
    There had been excess profit in Korean housing market in the past years and many previous studies in Koreas performed an analysis of housing market under the assumption of the existence of excess profit. This assumption, however, makes it difficult to explain housing market especially when the market is in recession like these days. We, in this study, present a simple housing market model to study how monthly rent conversion rate and Jeonse price ratio are determined in equilibrium where a lessor is indifferent among various ways to lease the house, and we consider both the case with excess profit and the case without excess profit in housing market. We also present the model in which there exists a risk associated with monthly rent conversion from Jeonse. From these models, we derive some testable hypotheses regarding monthly rent conversion rate and Jeonse price ratio. Our theoretical predictions are supported by empirical studies: monthly rent conversion rate is affected by market interest rate only when there is no excess profit, Jeonse price ratio is negatively affected by the expected housing price.
  • 8.

    Legal Analysis and Issues of Legislative Protection for the Shop Key Money

    Seungjong Kim | 2015, 25(2) | pp.99~112 | number of Cited : 20
    Abstract
    National Assembly revised the Commercial Building Lease Protection Act(hereunder, the CBLP Act) for protecting the shop key money May 12, 2015. This means that the shop key money which had been dealt in practice without the law will be protected and reclaimed by law. The CBLP Act legalized the definition and protection system of the shop key money, the standard form of contract and appraisal standard regarding the shop key money, etc. The aim of this paper is to review the background and main contents of the CBLP Act about the shop key money, study it on legal basis, and suggest legal issues. This paper points out the flaw on the CBLP Act and suggests revision directions. Especially, it is necessary to revise the exclusion of extensive markets from protection scope and the omission of conciliation committee for key money trade in the act as soon as possible. In addition, It suggests legal issues which should be reviewed additionally regarding the key money protection. Most of all, as the key money protecting system on the commercial building is legalized in private law, there should be a discussion about the compensation of it in the public law. Moreover, it is required to tax on the shop key money with duty to report it in the long term. Lastly, We need to find out the current conditions on the key money on the commercial real estate by region and market types for appraisal.
  • 9.

    A Study on the Improvement Direction of the Conversion Deposit System for Stable Business of Commercial Building Tenants

    정주희 | 2015, 25(2) | pp.113~130 | number of Cited : 0
    Abstract
    This study aims at drawing issues that are directly or indirectly related to the conversion deposit system of 「Commercial Building Lease Protection Act」, and suggesting the direction for the improvement of stable business of commercial building tenants. In a middle and long term, the focus should be on the protection of their business activities, for example, by abolishing the conversion deposit system. However, once the conversion deposit system has to be maintained, relevant regulations need to be reformed. The main results are as follows. First, as for the maximum conversion deposit, it must be legislated that 90% of the total commercial building tenants can be protected. Second, the conversion rate of deposit should be adjusted from 1 over 100 to 1 over 70, or improved to be linked with the Bank of Korea base rate. Third, the maximum rate to increase the rent has to be reformed to be linked with the consumer inflation rate, and the maximum increase rate of rent should be regulated differently between the case of below the standard of the conversion deposit(7% a year) and the case over it(12% a year). Fourth, the conversion rate of monthly rent must be revised from fixed rate of 12% a year to 10% a year. Besides, it's necessary to improve the researches on the actual conditions of commercial building lease, to make a local government's efforts to solve dispute over commercial building rental through the surveying, to need a reasonable mediation plan in case of dispute over rent and to introduce the regulations about punishment in case of abolition of the law, and etc.