Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Coronavirus Pandemic and Unemployment: Evidence from Mobile Phone Data in China

Yongheng DENG, Panle Jia BARWICK, Shanjun LI, Teng LI , Xinfei HUANG
Based on mobile phone records for 71 million users and location tracking information for one million users over two years, this study examines the labor market impacts of the COVID-19 pandemic in China’s Guangdong province, whose GDP is larger than all but the top 12 countries in the world. Using ...
Keywords: COVID-19, Mobile Phone, Recovery, Unemployment
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Tobin Tax Policy, Housing Speculation, and Property Market Dynamics

Sumit AGARWAL, Kwong Wing CHAU, Maggie Rong HU, Wayne Xinwei WAN
Hong Kong introduced a Tobin property tax—the Special Stamp Duty (SSD) Policy—in 2010, which substantially increased the selling costs of short-term property holders. This study examines the effectiveness of this Tobin property tax in curbing speculation and cooling down the market. We find that...
Keywords: Tobin tax policy, stamp duty tax, property speculators, lock-in period, bunching effect
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Annual Conference

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Real Estate and Urban Economics

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May 2022

Does Climate Change Affect Investment Performance? Evidence From Commercial Real Estate

Dragana CVIJANOVIC, Alex VAN DE MINNE
Combining granular data on temperatures across the continental US with micro-level com-mercial real estate (CRE) data from 1980 to 2020, we study the impact of exposure to extreme temperature shocks on investment performance of CRE at the individual asset level. We find that exposure to extreme temp...
Keywords: climate change, climate finance, commercial real estate, economic costs
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Does Climate Change Affect Real Estate Prices? Evidence from Government Announcement

Sumit AGARWAL, Tien Foo SING, Yu QIN, Changwei ZHAN
This paper investigates the relationship between climate change information and property prices. We employ datasets of home transactions and a novel climate change information shock in Singapore, the sea level rise (SLR) projections announced by the government. Based on Difference-in-Differences est...
Keywords: climate change, property prices, government announcement, Singapore
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Stock Market Milestones and Mortgage Demand: Evidence from US

Sumit AGARWAL, Changcheng SONG, Sergio CORREIA, Bernardo MORAIS
We document that after the stock market index reaches a milestone number (round 1000), more households apply mortgage for home purchase, and they are more likely to apply mortgage for second homes compared to non-milestone historical maxima. The loan amount also increases after the milestone event. ...
Keywords: Stock market wealth, Rounding number bias, mortgage
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