This paper documents and explains previously unrecognized post-crash dynamics following the collapse of a housing bubble. A simple model predicts that speculative developers ensure stable pre-crash relative prices between small and large homes while their post-crash exit allows small-home...

The accurate estimation of real estate indices is important for many purposes. A common method to estimate these indices is to use a repeatâ€sales procedure. Although this does not require property attributes, this method discards a large amount of sales. This paper proposes a method that can...

The recent behavioral finance literature has found investor sentiment having some predictive ability in equity returns. This differs from the standard finance theory provides no role for investor sentiment. We examine the relationship between investor sentiment and stock returns by employing...