This study empirically demonstrates the impact of wealth shocks from initial public offerings (IPOs) on local house prices by distinguishing from changes in the uncertainty and availability of wealth. Applying spatial event study methods to IPOs in California from 1993 to 2017, we find increases...

We present evidence that affiliation between the debt renegotiator and the originator represents a mechanism to reduce asymmetric information inherent in debt renegotiation. We hypothesize that affiliation affords servicers lower-cost access to borrower information, thus improving their ability...

We study the effect of a change in trustees' incentives to monitor servicers in CMBS markets. Our identification strategy rests on variation in servicer-trustee affiliation that arises from mergers. We present evidence that affiliation is associated with excessive principal and interest advances...

This paper presents a first view on the effects of COVID-19 and subsequent shutdown and re-opening orders on residential real estate markets. We use micro-level data on property transactions from a large number of multiple listing services and find moderate aggregate pricing effects in the...

This paper presents evidence on differential tax related incentives for divestment in residential real estate markets. Assets that are held for at least a year are taxed at a lower capital gains tax rate. The paper exploits a discontinuity in capital gains tax rates around the one year holding...

We explore a new investment dimension relating hedge fund exposure to the real estate market. Using fund level data from 1994 to 2012 from a major hedge fund data vendor, we identify 1,321 hedge funds as having significant exposure to direct or securitized real estate. We test for the economic...

We investigate the returns to individuals who invested in residential real estate over 1999 – 2015. Using purchase and sales prices, we measure returns on properties that were both bought and sold by an investor by annualizing the property's price appreciation. We find that investors...

We present evidence of differential effects of risk perception in the housing market. We use housing transaction data near military bases to examine capitalization of potential military jet accident risk in house prices. We find that properties in accident potential zones (APZs) transact at...