How Is the Value of Real Estate Affected by the Department of Defense Base Realignment and Closure Process?

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Hiebert, T. (2009). How Is the Value of Real Estate Affected by the Department of Defense Base Realignment and Closure Process?. Unc Charlotte Electronic Theses And Dissertations.
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Abstract

This study examines the Department of Defense Base Realignment and Closure (BRAC) process as it relates to real estate prices in the communities surrounding the bases marked for closure and realignment. I examine the history of the BRAC process, detail the bases that have been marked for realignment and closure over the five "rounds" of the BRAC process to date (1988, 1991, 1993, 1995, 2005), and present a model that tests the hypothesis that BRAC closure announcements are correlated with the value of real estate in the local communities surrounding the bases marked for closure. I find that there is a strong and statistically significant correlation between the BRAC process, particularly the series of announcements that occur within the BRAC timeline, and the value of real estate in the local communities affected by the BRAC process. I also discuss policy implications of these findings for the Department of Defense, as well as future research areas and opportunities that have arisen as a result of this study.

Details
Author

Hiebert, Thomas

Title

How Is the Value of Real Estate Affected by the Department of Defense Base Realignment and Closure Process?

Physical Description

1 online resource (131 pages) : PDF

Date

2009

Degree Granting Institution

University of North Carolina at Charlotte

Abstract

This study examines the Department of Defense Base Realignment and Closure (BRAC) process as it relates to real estate prices in the communities surrounding the bases marked for closure and realignment. I examine the history of the BRAC process, detail the bases that have been marked for realignment and closure over the five "rounds" of the BRAC process to date (1988, 1991, 1993, 1995, 2005), and present a model that tests the hypothesis that BRAC closure announcements are correlated with the value of real estate in the local communities surrounding the bases marked for closure. I find that there is a strong and statistically significant correlation between the BRAC process, particularly the series of announcements that occur within the BRAC timeline, and the value of real estate in the local communities affected by the BRAC process. I also discuss policy implications of these findings for the Department of Defense, as well as future research areas and opportunities that have arisen as a result of this study.

Genre

doctoral dissertations

Subjects--Topics

Business

Degree

Ph.D.

Keywords

Base Realignment and Closure
BRAC
Real Estate

Subject Area

Business Administration

Advisor(s)

Buttimer, Jr., Richard

Committee Members

Depken, II, Craig
Ott, Steven
Tolone, William

Degree Note

Thesis (Ph.D.)--University of North Carolina at Charlotte, 2009.

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Rights Holder Information

Copyright is held by the author unless otherwise indicated.

Identifier

Hiebert_uncc_0694D_10049

Permalink

http://hdl.handle.net/20.500.13093/etd:1173