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Title of Journal: J Real Estate Finan Econ

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Abbravation: The Journal of Real Estate Finance and Economics

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Kluwer Academic Publishers

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DOI

10.1006/viro.2001.1287

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1573-045X

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Local Presence, Scale and Vertical Integration: Brands as Signals

Authors: John D. Benjamin, Peter Chinloy, William G. Hardin,

Publish Date: 2006/11/29
Volume: 33, Issue:4, Pages: 389-403
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Abstract

The positioning of a property along a given rent-vacancy signaling frontier depends on its ownership, branding, and quality. Confirmation of a separating equilibrium occurs if the quality from the branding, itself dependent on costly management decisions, results in rent differentials. For institutional-grade apartments in metro Atlanta, Georgia, local presence, scale, and vertical integration are productive in improving quality, signaled by branding. Even after adjustment for self-selection and physical characteristics, branded properties achieve gross rents at least 8% higher than unbranded properties with no sacrifice in occupancy. Given that branding depends on management decisions, then rents and occupancy do not depend on hedonic physical characteristics alone.


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