We use the reclassification of the real estate stocks in the S&P 500 from the Financials sector as a natural experiment to test the co-existence of both market force and behavioural biases. By performing event studies on REITs included in S&P 400, S&P 500, and S&P 600 indices on both the...

This paper investigates the relationship between the three forms of social capital, i.e., social norms, social network, and trust, on the effectiveness of land use policies. Both long-term and short-term policy outcomes are considered in the proposed analytical framework. Benefiting from a...

This paper explores the effects of home-sharing platforms in general and Airbnb in particular on rental rates at a neighbourhood level. Using consumer-facing Airbnb data from ten neighbourhoods located within large metropolitan areas in the U.S. between 2013-2017, as well as rental data from the...

Overconfidence is one of the most robust behavioral anomalies in financial markets. By attributing investment gains to their ability, investors become overconfident and trade aggressively in subsequent periods. Evidence from stock markets shows that overconfidence leads to excessive trading and,...