Using a unique transactions dataset from the Amsterdam office market, this paper examines the determinants of property lease incentives. The study focuses on the type of landlord involved (institutional/private) and whether the tenant or landlord used an advisor (professional broker) to help...

This study investigates the spillover effect of corporate headquarters relocation on the local housing market. Using a comprehensive database to identify corporate relocation events in the U.S. from 1994 to 2017, we show that moving a corporate headquarters into a district is significantly...

How homes sell matters for housing price dynamics. Auction prices forecast better, display less momentum and help forecast economic activity much better than negotiated prices. This is consistent with mechanisms transmitting buyer vs. seller shocks to prices differently and, in light of auction...

To what extent do the commercial and the residential estate markets move together across different countries? Do the shocks originating in one of these markets spillover to the other markets? We answer these questions by applying a modified version of the dynamic factor model to the commercial...

We study the external impact of foreclosures, exploring how foreclosed properties affect the liquidity of nearby homes. Empirically, we find a foreclosure increases a nearby home's time-on-market by approximately 30%, on average, which is primarily driven by a disamenity effect. There is...

This paper examines the heterogeneous effects of unconventional monetary pol icy on housing default and foreclosure across subprime and prime regions. Using both daily and monthly data and various identification schemes, we find that expansionary unconventional monetary policy shocks reduce...

Market-wide, stock market specific, and real estate market specific risk – what kind of risk and to which extent drives the returns of listed real estate? Based on a structural asset pricing model calibrated to the empirical data in the U.S., we show that at least two thirds of the risk...

By considering banks as portfolios of assets in different locations, we study how real estate shocks get amplified across bank's business areas while controlling for local demand shocks and bank location–specific factors. Affected banks substantially alter their loan portfolios: we find...

The number 8, pronounced like 'prosperity,' is lucky in Chinese culture; 4, pronounced like 'death' is unlucky. Superstitious beliefs may influence asset prices if transaction participants have cultural preferences for specific numbers. We analyze the relationship between the presence of 8s and...

Hong Kong's inflation is heavily influenced by the development in the property market, as property prices can affect the CPI through the CPI rental component, rental cost effect on service fees and charges, and the wealth effect on aggregate demand. Therefore, the deployment of countercyclical...