Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, September 2006. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (leaves 58-59). / This thesis presents an inquiry into the historical performance of core institutional real estate investment property during the 1984-2003 period. The focus of the analysis is on identifying systematic determinants of long run investment performance. The analysis seeks to increase our understanding of equilibrium asset pricing within this asset class, as well to provide some useful perspective for core portfolio strategic or tactical planning. This thesis extends earlier research by Geltner (1999) and Li and Price (2005) that indicated that a classical single-factor CAPM accurately modeled the cross-section of long-run total returns across the major asset classes, including real estate. The present thesis narrows that earlier focus to concentrate on the cross-section of long-run total return performance within the core institutional real estate asset class. This thesis uses the property level data of the NCREIF Index to construct portfolios and historical return indexes based on property size (value), and based on CBSA "tier" (that is, "upper", "middle", and "tertiary" cities from an institutional investment perspective). By using unique portfolios created from the NCREIF property set that represent possible factors that systematically affect asset pricing, such as property location, property size and property type, and calculating their beta estimates from historical data, this thesis tests various CAPM models including the single factor Sharpe-Linter model, as well as a multi factor Fama-French-like model. The beta for the portfolios was defined with respect to the performance of the aggregate of all NCREIF properties. This thesis finds that an equilibrium asset pricing model consisting of the two Fama-French-like factors, property size and MSA tier, plus property type dummy variables, explains some 90% of the long-run historical cross-section of core property portfolio returns. Interestingly, the "market factor", the beta with respect to aggregate NCREIF, is found to be insignificant, and possibly a negative influence on expected return. Furthermore, the size factor works opposite to the way it does in the stock market, with larger properties commanding an expected return premium. Surprisingly, the city "tier" factor gives an expected return premium to upper tier cities. Tests for an "income factor" (similar to the Fama-French book-to-market factor) found this factor to be insignificant. The most significant factor was found to be the property type. Thus, the equilibrium asset price model that seems to work well within the institutional core real estate asset class seems to be very different from, almost opposite to, the analogous model within the stock market. / by Arvind Pai. / S.M.

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2014. / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 83-90). / This paper examines the relationship between governance and the foreign aid allocation of a World Bank agency, the International Development Association. In particular, the study investigates whether this major multilateral program's financial support for the development of the world's poorest countries consistently prioritizes good governance. A new dataset from the first decade of the twenty-first century, 2003-12, is used in three econometric estimation models to determine whether the quality of governance in recipient countries has had implications for aid allocation decisions. As in much of the literature in this area, the results are mixed. This finding itself raises important questions both about the relevance of a country's governance to aid allocation decisions and about the usefulness of good governance as a metric by which aid organizations are judged. / by Claire Teresa McCarville Markgraf. / M.C.P.

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2003. / Includes bibliographical references (leaves 107-111). / The Internet and Technology Revolution has created a new business environment, one in which traditional business rules are being challenged, and even repudiated. Information Communication Technology (ICT) has made a major impact to many business sectors, ranging from retail, stock trading, banking, logistics and the built environment. It has created new market opportunities for governments, companies, and offers existing businesses new ways to reach out to customers and to deliver services more effectively, often at lower costs. It has also allowed businesses to transcend geographical boundaries and enter new global markets. Clearly, this new environment poses new business challenges, and governments must now quickly figure out how to identify ICT opportunities and effectively compete in the new economy. Pervasive adoption of ICT will have an important multiplier effect for the economy through the transforming the way people live and boosting the way companies and industries do business. As a country, Singapore must also effectively address the challenges of the new economy. The vision is to position Singapore as a trusted global hub in the Internet economy, one in which ICT plays a dominant role in government, business and consumer transactions. Going forward, Singapore must also extend its reach to new markets and move up the value chain in its usage of ICT solutions. To achieve this, Singapore will need to create an ICT centric and equipped built environment in which e-lifestyle and ebusiness is pervasive, and where the hard and soft ICT infrastructures are well developed. / by Tuan Kee Donald Aw. / S.M.

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2004. / Includes bibliographical references (leaves 84-87). / Few social arrangements have affected so many people for so long in human history, as the laws and customs governing the ownership and use of land. Taking Romania as a case study, this thesis focuses on the institutional changes that accompany land reform (e.g., property rights, market services, rural financial services) and the role the state plays in the implementation process. The main hypothesis is that in developing countries, unsatisfactory forms of agrarian structure, and in particular the systems of land tenure, tend in a variety of ways to impede economic development. The results of this study illustrate that in Romania improper implementation of land reform had negative effects on development - further deterioration in the standard of living for the rural population, decline in real productivity, and lower production. Hence, one main conclusion is that the distribution of property rights in land is a necessary but not a sufficient condition for creating the basis for development. Redistribution of property rights in land has to be complemented with technical advice and more integrated cross-sector policies such as easy access to credit and agricultural inputs, production and social infrastructure. State involvement is crucial for supporting these services. / by Georgeta Vidican. / M.C.P.

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2004. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (leaf 68). / Prior studies suggest that variations of returns in all assets can be predicted to some extent. This study extends the subject of predictability of returns to commercial real estate. The main purpose of the present study is to investigate whether private real estate is predictable and the level of predictability associated with real estate return sufficient to realize superior investment performance by market timing. The study examines commercial real estate both at the aggregate level and in markets for four major property types in the United States. A rolling regression using a vector autoregressive model is employed to forecast returns and estimate the predictability of commercial real estate. Then the forecast model is used to construct simple rules regarding market timing. The classical efficient market theory suggests that there is little to be gained by timing investment, and little hope to consistently beat the market since asset prices already reflect all information available in the market. However, the fact that returns in commercial real estate are predictable raises the possibility of market timing. The potential to use a market timing strategy based on the predicted returns to achieve superior investment performance is of interest to practitioners since it suggests a more efficient method for investment portfolio allocation. The findings of the study suggest that commercial real estate returns are predictable to a certain extent and, although not statistically convincing, that the level of predictability associated with commercial real estate can be used to direct market timing decisions and achieve superior performance relative to a passive buy and hold portfolio. However, predictability of returns tends to decrease at the disaggregate property market level as the markets have smaller sample sizes and more exposure to idiosyncratic risk. / by Kyung Seok Cho. / S.M.

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2011. / Cataloged from PDF version of thesis. / Includes bibliographical references (p. 87-92). / A lack of consensus exists among urban planners and government officials on what to do with the complex issue of informal street vending and sidewalk usage, with cities often turning to ineffective licensing or harmful street clearance. This paper seeks to address this unfulfilling dichotomy by analyzing a tourism proposal for a painted pedestrian path in Ho Chi Minh City, Vietnam, to assess whether this intervention has potential as a spatial management tool for street vendors, given existing sidewalk practices. Since Ho Chi Minh City has taken to clearing vendors in the name of tourism, this proposal uniquely positions itself at the nexus of street vendor management and urban tourism, and hopes to capitalize on two existing forms of management in the city: a painted sidewalk line to regulate vending, and an informal motorcycle taxi union. To understand the existing system of sidewalk uses, this thesis analyzes official reports and policies, utilizes interviewing and mapping fieldwork conducted in Ho Chi Minh City with street vendors, and examines data from news articles and tourist surveys. These three levels of research reveal significant mismatches in policy goals and existing practices, such as the government's targeting mobile street vendors when they take up significantly less space than business spillover and sidewalk cafes, and the government's attitude of clearing the streets for tourists when in fact tourists comment on Vietnamese street life and street food more than any other experience. Given these mismatches, it seems that this visual line has potential to both include street vendors and organize sidewalk life into an appealing tourist experience. However, the goal or purpose of the intervention will ultimately determine its impacts on the city with respects to displacement and gentrification. Through identifying the strengths and weaknesses of each approach, this thesis is able to propose strategies and planning tools to mitigate the impacts of this intervention, and argues that a visual tourist intervention of this nature could in fact present a viable street vendor management model. / by Courtney Sung. / M.C.P.

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1991. / Includes bibliographical references (leaves 106-110). / by Usha Kaul. / M.C.P.

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2017. / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 86-93). / Faced with rapid resource degradation in the Indus river basin in Punjab, Pakistan, the provincial government of Punjab has identified 'integrated water resource management' as the guiding paradigm for achieving efficient, equitable and environmentally sustainable use of natural resources in the province. However, no clear roadmap for how multi-sectoral, 'integrated' resource management and governance can be operationalized exists. Focusing on irrigated agriculture in Punjab, this thesis uses a combination of historical, institutional and empirical analyses to investigate how 'integrated' food and water planning can be achieved in Punjab. The historical analysis traces how the idea of 'integration' in irrigated agriculture has evolved in Pakistan's colonial history and within the province of Punjab after independence. It reveals that both the departments of irrigation and agriculture have highlighted the need for vertical and horizontal integration within and between the departments throughout their existence. They have experimented with various institutional configurations and many reforms, like the creation of the On-Farm Water Management directorate and introduction of participatory irrigation management, have been implemented in an effort to achieve this integration. The institutional analysis explores how planning is done within and across the provincial departments of agriculture and irrigation. It finds that currently only the provincial tiers are responsible for planning within the two departments while the sub-provincial tiers are responsible for management and operational functions. Coordination between the departments happens by way of the provincial Planning and Development department as the final approver of their proposed plans. Finally, the empirical analysis uses annually collected departmental data to develop metrics that can enable integrated planning of irrigated agriculture. In conclusion, this thesis uses the idea of boundary spanning organizations and objects and builds on the historical, institutional and empirical analysis to propose recommendations for how planning in the Indus River Basin of Punjab can be re-imagined. / by Ayesha Shahid. / M.C.P.

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2001. / Includes bibliographical references (p. 61-64). / This thesis explores implications of green, or environmentally sensitive, development in the commercial real estate industry. Developers, as building owners, will respond to ideas that can improve their profits, not necessarily to an environmental call to arms. The ability to lease up a development quickly is a competitive advantage that a developer can realize as increased net operating income. Green building strategies may increase the productivity of occupants, which may also help a developer differentiate a project from the competition. Three green building technologies, underfloor air distribution, photovoltaics, and natural ventilation, are examined in detail to determine if they are financially feasible for a developer to include in a commercial real estate office project. This thesis attempts to use a financial argument, to address the issue of environmental sustainable, or green, development. The results of the study are that natural ventilation and underfloor air distribution are currently promising technologies that should be seriously considered by developers. The high cost of photovoltaics, however, does not justify their current use in a commercial development. A large part of the decision to include green developments is dependent on the developer understanding his/her clients, the tenants. This thesis includes a survey of both developers and tenants in an effort to gauge their interest in green technologies and willingness to pay for them. The results of the survey are presented, and suggestions for the future of green building practices are laid out. / by Richard J. Donovan. / S.M.

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2003. / Includes bibliographical references (p. 115-[124]). / Getting people to parks and other green spaces is important. But most cities overlook parks as destinations in the name of density and commercial development. This thesis describes the symbiotic relationship between public transportation, open space and dense development, which together are the keys to sustainable, livable communities. Development, environmental and transit agencies together effect the creation of one of the most visible factors that influence the quality of urban life-its transportation network. The narrow focus and lack of coordination between government policies and tools also tend to lead to degradation and loss of open space, as well as access to it. Individual developers sometimes recognize the benefits of open space, but in the midst of maximizing financial returns often they depend on others to provide or require it. Years or decades later, many governments find themselves scrambling to (re)acquire open space in an attempt to improve the quality of life of their residents. Transportation improvements should continue to be used as catalysts for transforming cities and the way residents perceive them. Improvements are rare opportunities to effect change in an urban environment in a relatively short span of time. New design guidelines, incentives for developing open space, and better coordination between agencies, usually take longer periods of time to create balanced development that most people think of in the abstract. In most governmental systems responsibilities and tools are split sectorally: transit by transportation agencies, open space by environmental management or parks agencies, economic development by any number of different groups from the planning board to development agencies, etc. Rather than thinking of transportation systems as separate from environmental amenities, neighborhood amenities and economic development, planning must attempt to solidify the relationships between them to develop methods of achieving more holistic goals. This thesis contributes guidelines that will aid in developing design, policy and operational tools that facilitate coordinated, balanced accessibility to a range of uses in transit-rich urban areas, specifically open space, as it has often been neglected in the race to accessibility. This research describes the evolution of struggles between accessibility to open space and commercial development in specific urban areas, then proceeds to characterize current efforts to recreate, reacquire and reconnect open space to urban neighborhoods. It proposes a framework for interventions that prevail in these cities, and their relative success in providing accessibility. I also include a description of various implementation practices and tools, from zoning changes to coordination efforts to funding mechanisms. I conclude by applying these tools to Chicago, San Juan, Puerto Rico, and Santiago de Chile, then offering suggestions for areas where further research is needed. / by Elizabeth M. Bent. / M.C.P.