@article{ART001689317},
author={Lee Young Ho and Koh Sung Soo},
title={A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2012},
volume={22},
number={2},
pages={123-147},
doi={}
TY - JOUR
AU - Lee Young Ho
AU - Koh Sung Soo
TI - A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information
JO - Korea Real Estate Review
PY - 2012
VL - 22
IS - 2
PB - korea real estate research institute
SP - 123
EP - 147
SN - 2092-5395
AB - The retail rental market is different with the housing rental market in the lease agreement. The lease agreement in the retail rental market has an increasing share of the structure of monthly rent with security deposit. The security deposit of retail is inferred to be effected by the different rental mechanism as well as the leverage effect. Benjamin, Lusht, and Shilling(1998) suggests that the high-security deposit reduces the problem of the adverse selection in the framework of asymmetric Information. This study analyzes security deposit characteristics of retail in the framework of asymmetric Information.
This study tests that the security deposit of retail is used for hedging the risk on the non- payment of monthly rent. We collect the retail rental data(2,662) and analyze the monthly rent determinants of retail. Emprical analysis find that lessors impose 18.8% monthly rent premium to lessees. Consequently the rare of return on the security deposit involves the risk premium on the non-payment of monthly rent.
KW - security deposit;asymmetric information;retail;rental market;adverse selection;monthly rent
DO -
ER -
Lee Young Ho and Koh Sung Soo. (2012). A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information. Korea Real Estate Review, 22(2), 123-147.
Lee Young Ho and Koh Sung Soo. 2012, "A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information", Korea Real Estate Review, vol.22, no.2 pp.123-147. Available from: doi:
Lee Young Ho, Koh Sung Soo "A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information" Korea Real Estate Review 22.2 pp.123-147 (2012) : 123.
Lee Young Ho, Koh Sung Soo. A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information. 2012; 22(2), 123-147. Available from: doi:
Lee Young Ho and Koh Sung Soo. "A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information" Korea Real Estate Review 22, no.2 (2012) : 123-147.doi:
Lee Young Ho; Koh Sung Soo. A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information. Korea Real Estate Review, 22(2), 123-147. doi:
Lee Young Ho; Koh Sung Soo. A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information. Korea Real Estate Review. 2012; 22(2) 123-147. doi:
Lee Young Ho, Koh Sung Soo. A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information. 2012; 22(2), 123-147. Available from: doi:
Lee Young Ho and Koh Sung Soo. "A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information" Korea Real Estate Review 22, no.2 (2012) : 123-147.doi:
