This paper studies the geography of competition on Moscow commercial real estate market. We estimate the elasticity of office rental price to the prices of competing objects as a function of the geographical distance. We found that office real estate market in Moscow, although saturated, is...

In this paper I measure the impact of urbanisation and localisation economies on commercial rents (offices and industrial buildings) using unique micro-data on both commercial property transactions, as well as all firm (establishment) locations. I add to the literature in three important ways....

From a broad macro-financial structure perspective, overly easy credit conditions gave rise to house price booms and busts in several advanced economies (e.g., Ireland, Spain, and the U.S.), and, more specifically in the U.S., an underpricing of risk made possible by regulatory arbitrage and...

Can the demise of the monocentric economy across cities during the 20th century be explained by decreasing transport costs to the city center or are other fundamental forces at work? Taking a hybrid perspec¬tive of classical bid-rent theory and a world where clustering of economic activity is...

This study explores office market cycles based on five office market indicators. We analyze time series of yield, take-up, vacancy, rent and new supply on a worldwide database, which is more detailed than any other used previously, as it comprises of data about nearly one hundred cities. Yields...

This paper argues that increases in perceived flood risk entail a negative and persistent shock to local economic activity. Our analysis is based on a rich administrative dataset that contains all business establishments in New York City around the time of hurricane Sandy. Our data also...

This research starts from the observation that common desmoothing models are likely to generate some extreme returns. Such returns will distort risk measurement and hence can lead to investment decisions that are suboptimal relative to those that would be made if a transaction based index were...

Using U.S. data for 1986-2017, the paper focuses on the impacts of macroeconomic risk factors and leverage on the performance of the various types of real estate exposure (direct, non-listed, and listed). The response of core funds to economic risk factors is akin to that of direct investments;...

This paper presents a study on the importance of copper production in the State of Sonora, Mexico. Important data will be presented with total relevance to the current economic framework in which it will be possible to determine through a thorough investigation the reason why Sonora as a state...

Are coastal cities adjusting to rising sea levels? This paper argues that large-scale events have the potential to ignite the process. We examine the effects of hurricane Sandy on the New York City housing market. We assemble a large plot-level dataset with rich geographic data on housing sales...