Abstract
Exploiting the unique institutional setting of Hong Kong’s real estate market, we uncover a curious ripple effect of haunted houses on the prices of nearby houses. Prices drop on average 19% for units that become haunted, 9% for units on the same floor, 6% for units in the same block, and 1% for units in the same estate. Our study makes two contributions. First, we provide an estimate of a large negative spillover on prices caused by an idiosyncratic quality shock. Second, we find that the demand shock rather than the fire sale supply shock explains most of the spillover.
| Originalsprog | Engelsk |
|---|---|
| Publikationsdato | 2019 |
| Antal sider | 54 |
| Status | Udgivet - 2019 |
| Begivenhed | 2019 Financial Management Association Asia/Pacific Conference - Ho Chi Minh City, Vietnam Varighed: 10 jul. 2019 → 12 jul. 2019 https://www.fmaconferences.org/Vietnam/VietnamProgram.htm |
Konference
| Konference | 2019 Financial Management Association Asia/Pacific Conference |
|---|---|
| Land/Område | Vietnam |
| By | Ho Chi Minh City |
| Periode | 10/07/2019 → 12/07/2019 |
| Internetadresse |
Emneord
- Fire sales
- Negative spillovers
- Haunted houses