Annual Conference

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Real Estate and Urban Economics

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May 2018

We provide robust evidence showing local information plays a significant role in local asset concentrations and return outperformance. Using a unique setting with significant cross-market information asymmetries and large sample of individual commercial property holdings, we find property portfolio ...
Keywords: Asset Concentration, Information asymmetry, Home Bias, Location, Real Estate Returns
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Annual Conference

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Real Estate and Urban Economics

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May 2018

In this paper, we develop a framework for evaluating the welfare impacts of passengertransportation infrastructure and apply it to study China’s High Speed Railway (HSR)network. We exploit newly available data on the universe of Chinese consumers’ creditand debit card transactions to construct c...
Keywords: Welfare impacts, passenger transportation infrastructure, High Speed Railway
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Annual Conference

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Corporate Finance

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May 2017

We exploit one of the largest data leaks, to date, to study whether and how firms use secret offshore vehicles. From the leaked data, we identify 338 listed firms as users of secret offshore vehicles and document that these vehicles are used to finance corruption, avoid taxes, and expropriate shareh...
Keywords: Panama Papers, tax havens, offshore vehicles, Corruption, tax evasion.
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Annual Conference

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Investment Finance

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May 2024

Using a structural model, we estimate the value of data to fixed income investors and study its main drivers. In the model, data is more valuable for bonds that are volatile and for which price-insensitive liquidity trades are more likely. Empirically, we find that the value of data on corporate bon...
Keywords: value of data, information, fixed income, corporate bond, mutual fund
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Annual Conference

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Real Estate and Urban Economics

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May 2023

This paper investigates the economic impacts of cleaning up heavily polluted waterways in urban neighborhoods. We exploit the Black-and-Smelly Water Program in China as a natural experiment to identify the causal impact of cleaner waterways on local housing prices, housing supply, and business growt...
Keywords: Water Pollution, Environmental Regulation, Real Estate Market, China
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