This study performs empirical tests of the semistrong form efficiency of a real estate investment market. An asset pricing model is utilized to estimate the abnormal returns resulting from two types of public information, major changes in government tax shelter and rent control policies as well...

One of the problems that has plagued researchers in their estimation of reduced-form price equations for specific housing markets has been multicollinearity-the lack of statistical independence of the explanatory variables. This paper evaluates the suitability for structural analysis and...

Residential mortgage markets in both the United States and Canada have recently been dominated by instruments such as variable-rate and short-term rollover mortgages which require borrowers to assume a greater burden of interest rate risk. An outstanding question is whether this approach to risk...

In this paper, we propose a model of mechanism choice in the disposition of real estate assets. Specifically, we consider two alernatives: a search or negotiated sale and auction. Within the search framework, we derive an equilibrium whereby buyers incur costly search and sellers must incur...

This paper examines the question of whether an efficient markets paradigm should be adopted for the modelling and testing of real estate markets. It considers the perceived imperfections commonly suggested for these markets and reviews the existing weak form and semistrong form tests of real...