This paper applies spatial hedonic econometric models to estimate the willingness of buyers to pay for dwellings with different orientations based on a data set comprising 63 306 transactions of secondhand apartment sales in 10 districts in Beijing from October 2011 to September 2014. Our results indicate that apartments with South orientation are sold at a 7.8% premium compared with those with West orientation, and that apartments in ancient city areas are more sensitive to orientation. The obtained results can help architects and developers to maximize the value of development projects by optimizing the layout of apartment units on each floor.

This empirical study innovatively investigates how the choice of a pass-through business entity and corresponding regulatory regime influence firms’ earnings management (EM) behaviors by testing on the UK Real Estate Investment Trust (REIT) conversion. A substantial proportion of UK non-REIT publicly traded property companies (LPCs) have chosen to become REITs since the UK REITs were launched in 2007. We conduct a series of tests on a database containing UK LPCs and REITs from 2000 to 2019 and find that conversion into pass-through business entity regimes like REITs that enjoy more favorable tax treatment but face more restrictions leads to more accrual earnings management (AEM) activity, but less real earnings management (REM) activity.

There are cities or regions with legal red-light districts in both developed and developing countries, but there are also regions or countries with no clear rules regarding prostitution. Financing issues in red-light districts represent another aspect rarely examined in the academic world. Most research studies about redlining are focused on racial or poverty levels, but this paper investigates it in relation to moral issues concerning vice activities. The objectives of this paper are to firstly analyse the red-light phenomenon in relation to sales prices and rent prices, secondly to test the redlining effect on property markets. This paper contributes to the current academic literature. The research setting of this paper is Geylang, Singapore, a place known for its centralized location, 24/7 stores, historic locales and prostitution-related business. The results indicate that the existence of Singapore’s red-light district has a negative effect on both residential purchase prices and rent levels. The results also indicate that there exists a redlining effect since the home prices have a much higher dis-count than rents.