Booth, G Geoffrey; Glascock, John L; Sarkar, Salil K - In: The Journal of Real Estate Finance and Economics 12 (1996) 2, pp. 195-202
This article re-examines the now generally accepted notion that sell-offs of real estate assets provide positive returns for sellers but not for buyers. Following previous research, we use event study methods but we modify the conventional market model to permit its residuals (unexpected...