Municipal governments in China established direct control of the supply of urban land in August 2004. This paper examines whether this government action mitigates the efficiency of the residential land market. Using a unique data set of detailed land and residential community transactions with...

Housing market cycles are featured by a positive correlation of prices and trading volume, which is conventionally attributed to a causal relationship between prices and volume. This paper analyzes the housing markets in 114 metropolitan statistical areas in the United States from 1990 to 2002,...

This paper argues that econometric analysis of housing price indexes before 2006 generated forecasts of future long-term price growth and low estimated probabilities of extreme price decreases. These forecasts of future increases in home-loan collateral values may have affected both the demand...

This paper hypothesizes and analyzes a positive feedback loop between commercial real estate capital appreciation and commercial mortgage capital supply. Using quarterly U.S. data from 1978 to 2008, this paper finds that past real estate investment performance positively affects mortgage fund...

Using quarterly data for all 379 metropolitan statistic areas (MSAs) in the U.S. from 1980:1 to 2008:2, this paper empirically studies the effect of house prices on local Gross Metropolitan Product (GMP). We compare the effects of predictable and unpredictable house price changes, which we use...

This paper develops a novel empirical method that uses property level cash flow information to estimate the risk and return characteristics of private commercial real estate. Monte Carlo simulations suggest that this method is more accurate than the conventional index-based approach. Applying...

If realized house prices have the wealth effect and the collateral effect on the economy, anticipated house price changes should have similar economic effects. This paper empirically analyzes the effects of single family home sales, which are shown to be able to predict house prices in the...

Home value risk is among the largest financial risks for American households, and the distribution of home value risk across homeowners has important policy implications. This paper empirically examines spatial variation in home value risk across 99 neighborhoods in metropolitan Denver. Four...

Two time series of financial losses may be observed in different overlapping windows, serially dependent, heteroscedastic, and cross-sectionally dependent. Fitting a regression model to each of the two time series, we construct an improved least squares estimator in one series exploiting the...

The influence of nanoparticles (NP) on the accumulation of heavy metals in the paddy crust (PC) was unclear. This experiment explored the potential effects and mechanism of TiO2 NP with different particle sizes on Cd removal by PC from waterbody. All the TiO2 with size of 25 nm (T25), 100 nm...