We expand the debate on incentives embedded in the originate-to-distribute lending model by presenting evidence on the placement of mortgage-backed securities (MBS) with mutual funds. We do so by capitalizing on a unique testing platform encompassing institutional holdings of private-label MBS...

We expand the debate on incentives embedded in the originate-to-distribute lending model by presenting evidence on the placement of mortgage-backed securities (MBS) with mutual funds. We do so by capitalizing on a unique testing platform encompassing institutional holdings of private-label MBS...

This paper examines the effect of information sharing agreements between Multiple Listing Service (MLS) platforms on the economic outcomes of listings. We present a theoretical model involving search and matching frictions that predicts that properties will trade at a price discount in the...

We examine the impact of house purchases by large buy-to-rent investors on the value of nearby properties. Returns on repeat sales of properties within a quarter mile of houses purchased by buy-to-rent investors were significantly greater if the repeat sale concluded after the buy-to-rent...

This paper presents a novel view of brokerage contracts in commercial real estate. First, we show that commercial real estate brokerage compensation varies from simple at rate linear commissions to kinked commissions that offer greater incentives upon crossing certain price thresholds. Second,...