We consider how the inter-temporal discreteness of the revenue and cost processes affect the optimal timing of a real estate investment opportunity in comparison with the investment timing strategy obtained by relying on the traditional continuous real option model. We characterize both optimal...

The price of vacant land zoned for housing is expected to be tightly linked to housing prices. In informationally efficient markets, vacant lot price movements should not lag changes in housing prices. In practice, however, the leading role of housing appreciation with respect to vacant lot...

This article provides new empirical evidence on the dynamics of price movements and transaction volume in the housing market using data from Finland. While the previous related literature studies the reactions of sales volume and prices to an interest rate shock only, we investigate the...

This study adds to the literature on mean aversion and mean reversion in housing prices. In contrast with the previous related literature, the persistence and reversion characteristics are studied by computing variance ratios using Kim's (2006) Wild bootstrapping and by investigating horizons up...

Previous empirical investigations provide evidence of substantial regional variation in the supply elasticity of housing, and show that the elasticity and its variation across cities within the U.S. are significantly influenced by regulatory supply constraints, city level population, population...

In this study, regional differences in housing price dynamics are examined empirically using panel data models. We concentrate on examining the momentum dynamics and the reversion speed towards fundamental price level. The analysis can be seen as a test for the validity of conventionally used...

We study rental income tax compliance using a large-scale randomizedfield experiment and register data with third-party information on theownership of apartments. We analyze the responses of potential land-lords to treatment letters notifying them of stricter tax enforcement. Wealso study...

This paper synthesizes and extends the results of urban land market studies carried out in three Brazilian cities - Brasília, Curitiba and Recife. The purpose of the studies is to empirically assess the performance of urban land markets in different cities and to gauge the feasibility of...

This paper presents the adaptation of the "Florida Affordable Housing Needs Assessment Methodology" (Noll et al., 1997) to Brazil. This was a task developed jointly by the Florida team with researchers from IPEA and the World Bank. The Affordable Housing Needs Assessment Methodology, developed...

The objective of this article is to characterize the housing conditions in Brazilian urban areas during the 1990s, based upon housing and urban indicators derived from the 1992-1999 IBGE National Household Surveys (PNAD) microdata. The paper intends to be useful as a first attempt to systematize...