A busy airport's closure has large effects on noise, real estate markets, and neighborhood demographics. Using a unique dataset, we examine the effects of closing Denver's Stapleton Airport on nearby housing markets. We find evidence of immediate anticipatory price effects upon announcement, but...

The multi-decade growth and spatial dispersion of immigrant families in the United States has shifted the composition of US schools, reshaping the group of peers with whom students age through adolescence. US-born students are more likely to have foreign-born peers and foreign-born students are...

This study examines the effects of negative equity on children's academic performance, using data on children attending Florida public schools and housing transactions from the State of Florida. Our empirical strategy exploits variation over time in the timing of family moves to Florida in order...

The hypothesis that financial markets punish traders who make relatively inaccurate forecasts and eventually eliminate the effect of their beliefs on prices is of fundamental importance to the standard modeling paradigm in asset pricing. We establish necessary and sufficient conditions for...

We use a novel research design to empirically detect the effect of social interactions among neighbors on labor market outcomes. Specifically, using Census data that characterize residential and employment locations down to the city block, we examine whether individuals residing in the same...

Milton Friedman argued that irrational traders will consistently lose money, won't survive and, therefore, cannot influence long run equilibrium asset prices. Since his work, survival and price influence have been assumed to be the same. Often partial equilibrium analysis has been relied upon to...

We define high cost lenders as lenders that issue a disproportionate number of high cost loans. We develop a shift-share measure to capture the market representation of these high cost lenders in housing submarkets. After conditioning on housing submarket fixed effects, origination year fixed...

African-American motorists may adjust their driving in response to increased scrutiny by police. In daylight, when their race is more easily observable, minority motorists are the only group less likely to have fatal motor vehicle accidents. In Massachusetts and Tennessee, we find that...

We examine the effect of attending stand-alone technical high schools on student short- and long-term outcomes using a regression discontinuity design. Male students are 10 percentage points more likely to graduate from high school and have half a semester less time enrolled in college, although...

Estimates of loss aversion in housing sales prices may be biased because expected losses correlate with housing and borrower unobservables. We provide new evidence of loss aversion in sales price by differencing loss aversion estimates between sellers who exhibit focal point bias in their...