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Bubbles in Metropolitan Housing Markets
Abraham, Jesse M.; Hendershott, Patric H. - National Bureau of Economic Research (NBER) - 1994
A commonsense and empirically supported approach to explaining metropolitan real house price changes is for the theory …
Persistent link: https://www.econbiz.de/10005720141
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"Location, Location, Location!" The Market for Vacant Urban Land: New York 1835-1900
Atack, Jeremy; Margo, Robert Andrew - National Bureau of Economic Research (NBER) - 1996
We present new archival evidence on the price of vacant land in New York City between 1835 and 1900. Before the Civil War, the price of land per square foot fell steeply with distance from New York's City Hall located in the central business district. After the Civil War, the distance gradient...
Persistent link: https://www.econbiz.de/10005778983
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Is Terrorism Eroding Agglomeration Economies in Central Business Districts? Lessons from the Office Real Estate Market in Downtown Chicago
Abadie, Alberto; Dermisi, Sofia V. - National Bureau of Economic Research (NBER) - 2006
terrorist risk after 9/11 on the office real estate market in downtown Chicago. Chicago provides the perfect laboratory to … investigate the effects of an increase in the perceived level of terrorist risk in a major financial district. Unlike in New York … induced a large increase in the perception of terrorist risk in the Chicago Central Business District, which includes the …
Persistent link: https://www.econbiz.de/10005050176
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The Agglomeration of Bankruptcy
Benmelech, Efraim; Bergman, Nittai; Milanez, Anna; … - National Bureau of Economic Research (NBER) - 2014
This paper identifies a new channel through which bankrupt firms impose negative externalities on non-bankrupt peers. The bankruptcy and liquidation of a retail chain weakens the economies of agglomeration in any given local area, reducing the attractiveness of retail centers for remaining...
Persistent link: https://www.econbiz.de/10010796665
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Banks as Secret Keepers
Gorton, Gary; Holmstrom, Bengt; Ordonez, Guillermo L.; … - National Bureau of Economic Research (NBER) - 2014
Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value, reducing the efficiency of trade. This need for opacity...
Persistent link: https://www.econbiz.de/10010969202
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Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience
Campbell, John Y.; Ramadorai, Tarun; Ranish, Benjamin - National Bureau of Economic Research (NBER) - 2014
a manner more consistent with the recommendations of finance theory, although this tendency is weakened by strong …
Persistent link: https://www.econbiz.de/10010969255
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Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt
Vayanos, Dimitri; Guibaud, Stéphane; Nosbusch, Yves - National Bureau of Economic Research (NBER) - 2013
the absence of distortionary taxes and induces efficient intergenerational risksharing. If agents are more risk …
Persistent link: https://www.econbiz.de/10010969262
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Foreign Ownership of U.S. Safe Assets: Good or Bad?
Ludvigson, Sydney C.; Van Nieuwerburgh, Stijn; … - National Bureau of Economic Research (NBER) - 2014
-aged savers may suffer from greater exposure to systematic risk in equity and housing markets. Under the veil of ignorance, a …
Persistent link: https://www.econbiz.de/10010969327
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Financial Education and Choice in State Public Pension Systems
Agnew, Julie; Hurwitz, Joshua - National Bureau of Economic Research (NBER) - 2013
As more and more public pension systems are shifting away from a defined benefit only framework, the complexity of the financial decisions facing public employees is increasing. This raises some concerns about the financial literacy of participants and their ability to make informed decisions....
Persistent link: https://www.econbiz.de/10010969365
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Maturity Rationing and Collective Short-Termism
Milbradt, Konstantin; Oehmke, Martin - National Bureau of Economic Research (NBER) - 2014
Financing terms and investment decisions are jointly determined. This interdependence links firms' asset and liability sides and can lead to short-termism in investment. In our model, financing frictions increase with the investment horizon, such that financing for long-term projects is...
Persistent link: https://www.econbiz.de/10010969405