Governments utilize home ownership schemes for the dual purpose of alleviating housing affordability and stimulating housing construction. This paper studies how the housing market responds to assistance policies by exploiting a natural experiment in Sydney, Australia, where buyers of new homes...

This paper examines whether and how street name fluency affects housing prices using a rich sample of housing transactions in Sydney, Australia. We find street names with longer words are preferred, i.e., homes on street names with more letters are priced with a 0.6% premium. Homes with unique...

Hong Kong introduced a Tobin property tax—the Special Stamp Duty (SSD) Policy—in 2010, which substantially increased the selling costs of short-term property holders. This study examines the effectiveness of this Tobin property tax in curbing speculation and cooling down the market. We find...

Based on the quarterly actual rental income of over 9,000 NCREIF commercial properties during 2001Q2-2010Q2, we construct a commercial real estate rental index using a dynamic panel data model. The rental index we construct captures the market-wide fluctuations in rental income, and our model...

Heuristics have a ubiquitous influence on decision-making. Despite a large strand of literature on various heuristics, scant research addresses the concurrent applications of different heuristics or the interplay amongst them. Using detailed peer-to-peer (P2P) investment data from Renrendai, a...

The 2005 Bankruptcy Reform puts derivatives contracts into an effective “super-senior” status. It is intended to provide stability to the derivative markets and reduce systemic risk, however, we find that it has negative impact on derivative-using firms' borrowings. The theoretical model in...

We study how funding dynamics in a crowdfunding market affect capital users who seek to minimize underfunding risk. Our model shows that entrepreneurs benefit from market transparency if the information on the project is sufficiently heterogeneous or the entrepreneur is not too averse to funding...

This study investigates the spillover effect of corporate headquarters relocation on the local housing market. Using a comprehensive database to identify corporate relocation events in the U.S. from 1994 to 2017, we show that moving a corporate headquarters into a district is significantly...

We empirically analyze pricing of political uncertainty in long-term property rights, guided by a theoretical model of housing assets subject to contract extension in the remote future. To identify exposure to political uncertainty, we exploit a unique variation around land lease extension...

We test for differences in information asymmetry across two organizational forms (external and internal) in the REIT industry. We find significant differences with external REITs being significantly more transparent relative to internal REITs, and these differences are reflected in the loan...