We provide new evidence of parental demand for effective schools by exploiting shocks to school quality resulting from the continual unexpected redistricting of school attendance boundaries in Atlanta, Georgia. Using repeat-sales of the same house before and after they were redistricted, we show...

We provide a new framework for using text as data in empirical models. The framework identifies salient information in unstructured text that can control for multidimensional heterogeneity among assets. We demonstrate the efficacy of the framework by re-examining principal-agent problems in...

The key to identifying racial price differentials in housing markets is to test whether minority and non-minority buyers pay similar prices for comparable housing. The heterogeneous nature of the residential housing market and racial sorting of buyers into neighborhoods violates the...

The constant-quality assumption in repeat-sales house price indexes (HPIs) introduces a significant time-varying attribute bias. The direction, magnitude, and source of the bias varies throughout the market cycle and across metropolitan statistical areas (MSAs). We mitigate the bias using a...

We study the effect of securitization on servicers' asset liquidation decisions. Conditional on liquidation, we find securitized loan servicers are more likely to liquidate distressed houses via real estate owned (REO) transactions than portfolio loan servicers. We exploit this fundamental...