This paper uses a simple model based on the board game Monopoly to analyze the drivers of house prices and wealth inequality. Simulations show that the inequality depends on the timing and distribution of home ownership, house price growth and wage growth. An extension of the classical game with...

Poland has experienced a relatively large inflow of foreign direct investment (FDI) in the last two decades. FDI has been flowing mainly into services and manufacturing similarly to the trend observed in global capital movement. Within the services, the financial intermediation played the...

This article uses a hand-collected sample of 733 projects from seven leading U.S.-based real estate crowdfunding (RECF) platforms. We analyze whether property, financing, and crowdfunding campaign characteristics, as well as information risk, can explain the expected returns of RECF campaigns...

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...