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Expectations, Efficiency, and Euphoria in the Housing Market
Capozza, Dennis R. - 2010
This paper studies expectations of capital appreciation in the housing market. We show that expectations impounded in the rent/price ratio at the beginning of the decade successfully predict appreciation rates, but only if we first control for cross-sectional differences in the quality of rental...
Persistent link: https://www.econbiz.de/10012763729
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Efficiently Inefficient Markets for Assets and Asset Management
Garleanu, Nicolae - 2015
costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset …
Persistent link: https://www.econbiz.de/10013015107
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Stock Market Efficiency and Economic Efficiency : Is There a Connection?
Dow, James - 2008
discretion in determining the level of investment. What is the link between stock price informational efficiency and economic … efficiency? We present a model of the stock market in which: (i) managers have discretion in making investments and must be given …
Persistent link: https://www.econbiz.de/10012774997
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Trading Inefficiencies in California'S Electricity Markets
Borenstein, Severin; Bushnell, James; Knittel, … - 2021
We study price convergence between the two major markets for wholesale electricity in California from their deregulation in April 1998 through November 2000, nearly the end of trading in one market. We would expect profit-maximizing traders to have eliminated persistent price differences between...
Persistent link: https://www.econbiz.de/10013218707
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Cost of Capital for the United States, Japan, and Canada : An Attempt at Measurement Based on Individual Company Records and Aggregate National Acccoun
Ando, Albert; Hancock, John; Sawchuk, Gary David - 2021
countries such as the US, Canada, and Japan. Attempts are made to carry out the measurement based both on the accounting records … depreciation and before taxes is found to fluctuate around 10-11% without a persistent trend. For Canada, the indivi- dual company … Canada supple- mented by some unpublished data supplied by Statistics Canada suggest that the cost of capital in Canada is …
Persistent link: https://www.econbiz.de/10013249360
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Precedent and Legal Argument in U.S. Trade Policy : Do They Matter to the Political Economy of the Lumber Dispute?
Kalt, Joseph P. - 2021
For more than a decade, the United States and Canada have been engaged in a rancorous dispute over trade in softwood … industry has sought to have countervailing duties imposed upon Canadian lumber imports. The U.S. interests argue that Canada … economy are tested. Capture Theory de-emphasizes the role of institutional settings of the kind at work here: The outcomes of …
Persistent link: https://www.econbiz.de/10013310225
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2010
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10013151131
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Liquidity Constraints in the U.S. Housing Market
Gorea, Denis - 2017
We study the severity of liquidity constraints in the U.S. housing market using a life-cycle model with uninsurable idiosyncratic risks in which houses are illiquid, but agents can extract home equity by refinancing their mortgages. The model implies that four-fifths of homeowners are liquidity...
Persistent link: https://www.econbiz.de/10012957387
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The Local Residential Land Use Regulatory Environment Across U.S. Housing Markets : Evidence from a New Wharton Index
Gyourko, Joseph - 2020
We report results from a new survey of local residential land use regulatory regimes for over 2,450 primarily suburban communities across the U.S. The most highly regulated markets are on the two coasts, with the San Francisco and New York City metropolitan areas being the most highly regulated...
Persistent link: https://www.econbiz.de/10012845503
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Understanding Booms and Busts in Housing Markets
Burnside, A. Craig - 2011
Some booms in housing prices are followed by busts. Others are not. It is generally difficult to find observable fundamentals that are useful for predicting whether a boom will turn into a bust or not. We develop a model consistent with these observations. Agents have heterogeneous expectations...
Persistent link: https://www.econbiz.de/10013130972