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Full text (PDF) - AsRES

Full text (PDF) - AsRES

5.2 Results Table 1

5.2 Results Table 1 Frequency/Mean Variable Frequency/Mean Building condition Sound 88.68 Not sound 11.32 Tenure mode Owner-owned housing 90.85 Tenant-owned housing 4.60 Landlord-owned housing 4.55 Building age Built pre–1970 26.97 Built 1971–1980 28.90 Built 1981–1990 24.64 Built 1991–1998 19.49 Move-in age Move-in pre–1970 23.09 Move-in 1971–1980 25.87 Move-in 1981–1990 25.72 Move-in 1991–1998 25.32 Construction material Wooden 92.02 SRC 5.72 Block 0.43 Others 1.83 Room 5.95 Story 1.83 Income (million yen) 661.69 Number of observations 44772 Table 2 reports probit coefficients and marginal effects of the total effect. 22 The statisti- cally significant negative sign of tenant-owned housing (landlord-owned housing) implies that tenant-owned housing (landlord-owned housing) has a lower probability of being in sound condition than owner-owned housing. From the column of marginal effects, tenant-ownership of housing (landlord-owned housing) reduces the probability of the housing being in sound condition by 2% (6%). These results suggest that the rental externality and tenure security 22 The marginal effects are calculated as Pr(Sound = 1)| dummy variable = 1 − Pr(Sound = 1)| dummy variable =0. 20

educe the quality of dwellings. Therefore, they are consistent with the theoretical predictions of cases I and S. Table 2 Probit coefficients and marginal effects (total effect) Variable Coefficient Standard error Marginal effect Intercept 1.41 ∗∗∗ 0.056 Tenant-owned housing −0.12 ∗∗∗ 0.036 −0.02 Landlord-owned housing −0.34 ∗∗∗ 0.034 −0.06 Built pre–1970 −1.33 ∗∗∗ 0.039 Built 1971–1980 −0.90 ∗∗∗ 0.039 Built 1981–1990 −0.46 ∗∗∗ 0.041 SRC 0.13 ∗∗∗ 0.046 Block −0.20 ∗ 0.118 Others 0.07 0.086 Room 0.04 ∗∗∗ 0.005 Story 0.16 ∗∗∗ 0.020 Income 0.05 ∗∗∗ 0.005 Number of observations 44772 Log-likelihood 4012.12 ∗∗∗ indicates significance at 1%; ∗ indicates significance at 10% Table 3 reports probit coefficients and marginal effects for tenure security on housing quality. In line with the theoretical predictions of both cases I and S, tenure security has an ambiguous effect on tenant-owned housing quality. For example, consider housing built before 1970. Housing moved into between 1991 and 1998 is more likely to be unsound than is housing moved into before 1970 (with respective probabilities of 27% and 17%). The same is true of housing built between 1971 and 1980. Consider landlord-owned housing. The more recent the move-in date, the smaller the absolute value of the coefficient (except for housing moved into between 1981 and 1990 constructed before 1970). This implies that the longer the tenancy duration, the greater the extent of deterioration. Thus, tenure security further reduces the quality of landlord-owned housing. This result confirms the theoretical predictions of both cases I and S. 21

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