SemesterFall Semester, 2020
DepartmentThe International Master Program of Applied Economics and Social Development (IMES) , First Year
Course NameReal estate finance and asset investment
InstructorLIN TSO-YU
Credit3.0
Course TypeElective
Prerequisite
Course Objective
Course Description
Course Schedule

1. Introducation of real estate and other asset vs. the investment. / Chapter 1 in the textbook + "Are Stock and Real Estate Markets Integrated? An Empirical Study of Six Asian Economies”, Pacific-Basin Finance Journal, 19, pp. 571-585" / Class instruction and reading and review  / 3hr + 3hr



2. Types of risks and risk management /  Chapter 2 in the textbook  / Class instruction and reading and review  / 3hr + 3hr



3. Basic finance principle and financial calculator / Ch.3 in the textbook /  /Class instruction and reading and review  / 3hr + 3hr



4. Financial statement analysis and creation of cash flow statement (direct method) / Ch4 in the textbook /   Class instruction and reading and review  / 3hr + 5hr 



5. Capital budgeting tools on real estate investment / Ch. 5 in the textbook  / Class instruction and reading and review  / 3hr + 5hr 



6. Real estate development and market analysis / Ch. 6 in the textbook  + "The Effect of Housing Prices on Consumption and Economic Growth --- The Case of Taiwan,” Journal of the Asia Pacific Economy / Class instruction and reading and review  / 3hr + 4hr



7. Real estate appraisal / Ch. 7 in the texkbook + The Development of REIT Markets and Real Estate Appraisal in Taiwan, Journal of Real Estate Literature, 15(2), pp. 281-300 /  Class instruction and reading and review  / 3hr + 5hr



8. Real estate and financial markets / Ch.8 in the textbook + Global Commodity Prices, Economic Activity and Monetary Policy: The Relevance of China," Resources Policy, 42, pp. 1-9 / Class instruction and reading and review  / 3hr + 5hr



9. Mortgage analysis / Ch. 9 in the textbook + The Valuation and Demand Analysis of the Reverse Mortgage,” Journal of Valuation, No. 5, pp. 1-34 + The Application of Reverse Mortgage on the Aging Society, Journal of Risk Management, 10(3), pp. 293-314 / Class instruction and reading and review  / 3hr + 5hr



10. Real estate and asset securitization / Ch. 10 in the textbook + Dynamic Modeling of Real Estate Investment Trusts and Stock Markets,” Economic Modelling, 29, pp. 395-407 /  Class instruction and reading and review  / 3hr + 5hr



11. Pricing of mortgage-related securities / Ch. 11 in the textbook /  Class instruction and reading and review  / 3hr + 5hr



12. Financial crises versus real estate markets /  Ch. 8 in the textbook + “Modeling Property Bubble Dynamics in Greece, Ireland, Portugal and Spain,” Journal of European Real Estate Research, 9(1), pp. 52-75./ Class instruction and reading and review  / 3hr + 5hr



13-14. Financial feasibility on project development / Ch.14 in the textbook / computer lab using excel software/   Class instruction and reading and review  / 3hr + 5hr for each week



15-16 Group presentation /  Class instruction and reading and review  / 3hr + 5hr



17 Final exam



18 Review of the course subjects in this semester / big data analysis / Class instruction and reading and review  / 3hr + 5hr


Teaching Methods
Teaching Assistant

graduate students from the Dept. of Land Econ. 


Requirement/Grading

Class attendance and participation (10%), investment feasibility analysis of the project development (25%, individual), group presentation on investment report/academic paper (30% team), final exam (35%).


Textbook & Reference

  1. Brueggeman, W. and J. Fisher. (2017 or newest edition) Real Estate Finance and Investments. Irwin.



(Reserved



2. Lin, Tsoyu Calvin (2018)。 Real Estate Managements不動產投資管理(第六版 the 6th edition), 智勝書局Bestwise Publishing Co. (http://www.bestwise.com.tw/user_book_data.asp?sel_serial_id=1524)



3. Lin, Tsoyu Calvin (2020) “The Relation between Housing Prices and Business Innovation,” International Journal of Economics, Finance and Business Management Studies, 5(1)



4. Lin, Tsoyu Calvin (2019) “The Effect of Housing Prices on Consumption and Economic Growth --- The Case of Taiwan,”Journal of the Asia Pacific Economy, 24(2): pp. 292-312 (SSCI, , co-authored with S.Hsu and Y. Lin,).



5. Lin, Tsoyu Calvin (2016) “Modeling Property Bubble Dynamics in Greece, Ireland, Portugal and Spain,”Journal of European Real Estate Research, 9(1), pp. 52-75. (EconLit, Scopus, ESCIco-authored with P. Klotz and S. Hsu).



6. Lin, Tsoyu Calvin (2015) "The Relationship between Real Estate Investment Trusts and Real Estate Markets," Journal of Contemporary Management, 4(2), pp. 29-46 (,coauthored with Yi-Fen Chiu).



7. Lin, Tsoyu Calvin (2014) "Global Commodity Prices, Economic Activity and Monetary Policy: The Relevance of China," Resources Policy, 42, pp. 1-9 (SCI, coauthored with P. Klotz and S. Hsu).



8. Lin, Tsoyu Calvin (2012) “Dynamic Modeling of Real Estate Investment Trusts and Stock Markets,” Economic Modelling, 29, pp. 395-407 (SSCI, coauthored with C. Lee and M. Chien).



9. Lin, Tsoyu Calvin (2011) "Are Stock and Real Estate Markets Integrated? An Empirical Study of Six Asian Economies”, Pacific-Basin Finance Journal, 19, pp. 571-585(SSCI, co-authored with T. Lin).



10. Lin, Tsoyu Calvin (2009) The Application of Reverse Mortgage on the Aging Society, Journal of Risk Management, 10(3), pp. 293-314co-authored with Huang, Wu and Cheng)。



11. Lin, Tsoyu Calvin (2007) The Development of REIT Markets and Real Estate Appraisal in Taiwan, Journal of Real Estate Literature, 15(2), pp. 281-300 (FLI, Publication of American Real Estate Society, 11.



12. Lin, Tsoyu Calvin林左裕(2004) A Study on the Termination Behavior of Residential Mortgages in Taiwan, Journal of Agricultural Economics, 76, pp. 209-235 



13. Clauretie, T. and G. S. Sirmans. (2011) Real Estate Finance, Prentice Hall.



14. 林左裕Tsoyu Calvin LIN (2009)。 Financial Derivatives衍生性金融商品。 智勝書局Bestwise Publishing Co. (http://www.bestwise.com.tw/book/book.aspx?ib=8280&fbclid=IwAR0mhSzeauVFbVoW2rEdZoyw0k8TrTz8UxogY-uO-XpJCgkL6IKIcrdFoW4



5. Journal References in English:



J. of Real Estate Finance and Economics, J. of Real Estate Research, J. of Real Estate Literature, Real Estate Economics, J. of Money, Credit and Banking, J. of Housing Research, J. of Housing Economics J. of Finance, J. of Fixed Income, The Review of Financial Studies, J. of Futures Markets, J. of Housing Research Urban Studies, Housing Study, Habitat International, Regional Science and Urban Economics “Economics Review” by the Fed. Reserve Bank in the US, J. of Real Estate Portfolio Management Review of Financial Economics, Housing Finance International, International Real Estate Review, Pacific-Basin Finance Journal, Journal of Asian-Pacific Economy, Wall Street Journal, The Economists, Business Week


Urls about Course
Attachment