Annual Conference

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Real Estate and Urban Economics

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May 2023

In this paper, we study the implications of a vacant home tax for housing availability and affordability. We develop a model with owner-occupied homes, tenanted rental units, and empty houses. Housing units are constructed by competitive developers and supplied to local households, but can also be s...
Keywords: empty houses, taxation of vacant homes, housing affordability
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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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Annual Conference

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Real Estate and Urban Economics

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May 2023

This paper examines the impact of power plant closures on air quality and health outcomes in China by exploiting quasi-experimental variation from the closures. We collected information associated with more than 1,700 power plants across China, and combined with high resolution satellite data measur...
Keywords: Externalities, Air Pollution, Coal-fired power plants, Displacement, Infant mortality
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Annual Conference

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Real Estate and Urban Economics

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May 2023

We model a mortgage market where agents have different beliefs over a longrun climate risk. In contrast with existing two-period competitive-equilibrium models, our infinite-horizon competitive-search model predicts more pessimistic agents are more likely to make leveraged investments on properties ...
Keywords: climate finance, sea level rise, heterogeneous beliefs, real estate, mortgage, search and matching, monetary policy
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Annual Conference

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Accounting

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May 2023

Extensive evidence suggests that managers strategically choose the complexity of their descriptive disclosures. However, their motives in doing so appear mixed, as complex disclosures are used to obfuscate in some cases and as a means of informative communication in others. Building on these observa...
Keywords: Financial reporting complexity, disclosure, complexity, obfuscation, disclosure informativeness, sophisticated investors, MD&A.
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