The buildings sector consumes approximately 40% of energy in the United States, and presents a major opportunity for reducing society's energy consumption and environmental impact. Given the potential downside impacts of climate change and resource depletion, it is imperative that the construction industry deliver buildings that meet owner requirements while using less energy and natural resources. In response to this challenge, the construction industry has adopted voluntary green building programs that provide guidelines for construction projects wishing to reduce their environmental impact. Green building programs also present the opportunity for those pushing beyond the status quo to receive increased recognition and market visibility; however, certification under these programs is not without an added cost. The added cost of certification varies by project, but building owners and builders must be able to justify this added cost through increased market recognition and sales and leasing prices. Given the relatively low recognition of a price premium for green certified residential properties by the real estate appraisal community and financial institutions, a need exists to demonstrate the added market recognition of these homes. Through the development of a hedonic regression pricing model this study isolates the effects of green building certification on housing sales prices, in order to prove the hypothesis that a significant increase in sales price is associated with green certified housing.

The historical long-term volatility and return on investment in single-family dwellings was investigated and compared with investments in equity, bonds and T-bill markets. Total return index for equity and fixed-income security indices were obtained from available sources, of course, a proper index for measurement of long-term changes in house prices was unavailable. In an effort to measure the house price changes, a relatively homogeneous pool of houses in the downtown Toronto area was selected and its price tracked over the study period of 44 years. Inflation rate affects the return of investments in everything similarly therefore this was not considered in the calculations. Results of comparing the investment of cash in one's family home versus in other investment vehicles showed that the ratio of investment growth to its volatility for a single-family house exceeded the ratios for other investments by a large margin.

The historical long-term volatility and return on investment in single-family dwellings was investigated and compared with investments in equity, bonds and T-bill markets. Total return index for equity and fixed-income security indices were obtained from available sources, of course, a proper index for measurement of long-term changes in house prices was unavailable. In an effort to measure the house price changes, a relatively homogeneous pool of houses in the downtown Toronto area was selected and its price tracked over the study period of 44 years. Inflation rate affects the return of investments in everything similarly therefore this was not considered in the calculations. Results of comparing the investment of cash in one's family home versus in other investment vehicles showed that the ratio of investment growth to its volatility for a single-family house exceeded the ratios for other investments by a large margin.

Zugl.: Wiesbaden, Ebs European Business School, Diss.

Thesis (Ph.D.)--Mississippi State University. Department of Finance and Economics. / Title from title screen. Includes bibliographical references.

Thesis (Ph. D.)--University of Hong Kong, 1995. / Includes bibliographical references (leaves 288-307).

Thesis (doctoral)--Oestrich-Winkel, European Business School, 2007. / Includes bibliographic references (p. 139-149).

Thesis (Ph. D.)--University of Texas at Austin, 2006. / Vita. Includes bibliographical references.

The access to adequate housing is a constitutional right, in terms of Section 26 (1) of the Constitution of the Republic of South Africa, Act 108 of 1996. Access to housing in South Africa is still an ideal and not a reality. The increase in housing prices reduces affordability, which creates a barrier to the housing market for South Africans to fully participate. The South African housing market is divided, based on the affordability of households, with a gap within the property market. The gap-housing market is a market, which does not receive a government subsidy; and furthermore, it does not qualify for bond finance by the private financial institutions. The gap-housing market includes households that earn between R3,500 to R15,000 per month for residential properties valued between R116,703 to R483,481. The problem is a lack of supply in the gap-housing market to meet the demand; and this is also affected by the poor performance of the subsidy-housing market. The gap-housing market is not traded adequately, due to a lack of supply caused by stricter lending criteria from the banks. The study was conducted by means of reviewing the related literature and by an empirical study. A survey was conducted using the quantitative approach through a distribution of research questionnaires to different organizations within the judgement sample population. The objective of the study is to review the gap-housing market and to make recommendations. The descriptive survey was conducted among specialists that are participating in the South African housing market. The findings of the study suggest that there is a relationship between incentive and participation, as well as a relationship between participation – with access, supply and trading in the gap-housing market. This study will contribute to the South African housing market body of knowledge – by addressing the problem of a gap within the housing market.

Atualmente no Brasil, é possível observar um movimento no mercado dos FIIs (Fundos de Investimento Imobiliário). Este movimento inclui desde alterações recentes na regulamentação, nos prospectos e regulamentos como alterações nos novos tipos que têm sido ofertados no mercado. Além disso, este mercado está em uma fase de grande expansão, no cenário nacional. O ambiente econômico nacional e internacional têm propiciado uma busca por alternativas de investimento, e o FII possui características muito relevantes. Em um mercado cada vez mais pulverizado e mais negociado em bolsa de valores, os critérios de Governança Corporativa se tornam peça fundamental para qualquer tipo de investimento, com seus diversos aspectos, representa transparência, equidade no tratamento e prestação de contas. Itens fundamentais requeridos pelo investidor atual, que busca diversificar seu risco em veículos de investimento transparentes e com retorno considerável. Diante do momento econômico do mercado, da movimentação dos FIIs e da relevância dos critérios de Governança Corporativa, surge o presente estudo. Analisando as alterações no ambiente de investimento FII, com base em seus prospectos, regulamentos e na própria regulamentação, é possível identificar como seus critérios de Governança Corporativa estão atualmente. Comparando os critérios presentes nos FIIs com os critérios presentes em outros ambientes de investimento nacionais é possível identificar o seu posicionamento no mercado. A partir das evidências coletadas nos itens anteriores o estudo buscou validá-las através da realização de entrevistas com gestores. O presente trabalho conclui como as alterações dos critérios de Governança Corporativa influenciam o posicionamento dos FIIs no mercado, quais alterações ainda podem ser feitas para aumentar sua flexibilidade e discute os reflexos de alterações de Governança Corporativa em ambientes de investimento. / Presently in Brazil, it is possible to observe a movement in the markets for real estate investment funds. This movement includes since recent changes in legislation, in prospects and regulations as well as changes in the new types that have been offered on the market. Furthermore, this market is undergoing a major nationwide expansion. The international and national economic environment has encouraged a pursuit for alternative investments, and the real estate investment funds offer very relevant features. In a increasingly segmented market and mostly traded on the stock market, the criteria for corporate governance become key elements for any type of investment, with their several aspects, represents transparency, fairness in treatment and accountability. Fundamental items required by todays investors, which seeks diversify their risk through transparent in investment vehicles and obtain substantial profit. Given the economic moment of the market, of real estate investment funds movement and the relevance of the criteria for corporate governance, surfaces the present study. Analyzing the changes in investment environment of real estate investment funds, based on their prospects, legislation and own regulations, it is possible to identify how their corporate governance criteria are currently. Comparing the present criteria in investment funds with other criteria present in national investment environments it is possible to identify their new positioning in the market. From the evidence collected in the previous items this study sought to validate them by conducting interviews with managers. This present study concludes how the changes to the criteria of corporate governance have influence the placement of real estate investment funds in the market, which changes can be done to improve their flexibility and discuss changes corporate governance reflection on investment environment.