Positive economics predicts that Sub-S banks, with no taxes paid at the corporate level, will price their products lower than otherwise identical C corporation banks in a competitive environment. Alternatively, if banks price bundle their products, Sub-S tax benefits might have little (no)...

Purpose – This paper aims to examine the anatomy of a real estate bubble. In the process, the paper identifies three phases of the market's evolution: flips, flops and foreclosures. An examination of the Las Vegas real estate market illustrates the three phases. Design/methodology/approach –...

Recent research shows the benefit of access to public open space differs by housing density, suggesting that public recreational open space can act as a substitute for private open space. We explore spatial externalities from different forms of open space across housing densities. We also test...

Our study examines two aspects of life insurers’ exposure to the troubled residential mortgage backed securities (RMBS) market. First, we develop and estimate a model that explains cross-sectional variation in RMBS exposure in terms of firm characteristics. We find that firms least likely to...

This paper examines the impact of distressed sales on single family house prices during a housing market collapse. The innovation here is a methodology to create a proxy for distressed sales when such sales are not identified in the data but are commonplace in the market. We apply our...

"In Scotland, sellers of houses are typically faced with choosing from one of two pricing systems - offers over or fixed price ñ to market their property and achieve the ""best"" price in the open market. In the offers over system, sellers set a reserve price and interested parties bid through...

Comparing agent-owner with agent-represented home sales illustrates that commission contracts lead to external agent moral hazard. Real estate developers are sophisticated sellers who can either use external agents or hire internal agents. The theory shows that neither scheme eliminates agent...