American Real Estate and Urban Economics Association, Best Paper Award at the AREUEA-AsRES 2009 Joint International Conference (Maury Seldin Advanced Studies Institute Award),Residential Mobility Decisions in Japan: Effects of Housing Equity Constraints and Income Shocks under the Recourse Loan SystemMiki Seko Kazuto Sumita Michio Naoi
Jiro Yoshida   Miki Seko   Kazuto Sumita   
JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS 52(4) 480-511 2016年5月 [査読有り]
This study analyzes the rent term premium for leases that can be cancelled by the lessee. We model the lessor's trade-off between leasing costs and the cost of cancellation options based on the recognition that many leases are cancellable by lesse...
Michio Naoi   Miki Seko   Takuya Ishino   
JOURNAL OF ECONOMIC ISSUES 46(2) 519-530 2012年6月 [査読有り]
The destructive impact of the Great East Japan Earthquake and subsequent tsunami on March 11, 2011 has enhanced consumer's earthquake preparedness even in unaffected areas. This paper uses unique survey data collected after the earthquake to study...
Miki Seko   Kazuto Sumita   Michio Naoi   
JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS 45(1) 63-87 2012年6月 [査読有り]
This paper draws on six waves of Japanese household longitudinal data (Keio Household Panel Survey, KHPS) and estimates a conditional fixed effects logit model to investigate the effects of housing equity constraints and income shocks on own-to-ow...