Annual Conference

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Real Estate and Urban Economics

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May 2018

The Welfare Effects of Passenger Transportation Infrastructure: Evidence from China

Yatang LIN, Panle Jia BARWICK, Dave DONALDSON, Shanjun LI
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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Real Estate and Urban Economics

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May 2018

Pockets of Poverty: The Long-Term Effects of Redlining

Ian APPEL, Jordan NICKERSON
This paper studies the long-term effects of redlining policies that restricted access to credit in urban communities. For empirical identification, we use a regression discontinuity design that exploits boundaries from maps created by the Home Owners Loan Corporation (HOLC) in 1940. We find that ""r...
Keywords: Redlining, Credit Rationing, Household Finance
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

Housing booms and shirking

Wenlan QIAN, Jia HE, Quanlin GU
This paper studies the incentive costs of housing booms. We use the type and actual time stamps of 9.3 million credit card transactions by over 200,000 cardholders from a large commercial bank to detect non-work-related behavior during work hours. After positive shocks to house prices, employees in ...
Keywords: Incentive costs, housing booms, distortionary effect, Elasticity
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Annual Conference

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Real Estate and Urban Economics

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May 2018

Social Capital and Mortgage Delinquency

Abdullah YAVAS, Lingxiao LI, Erdem UCAR
This study offers a simple theoretical model and empirical evidence to address the impact of social capital on mortgage delinquency. Social capital includes the norms, values, trust, and information common to a social network, which enable cooperative and shared actions. Using a new county-level dat...
Keywords: Social capital, mortgage delinquency, opportunistic behaviour, financial crisis
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2018

Spillovers in Asset Prices: The Curious Case of Haunted Houses

Utpal BHATTACHARYA, Daisy HUANG, Kasper MEISNER NIELSEN
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 20% for units that become haunted, 10% for units on the same floor, 7% for units in the same block, and 1% for ...
Keywords: fire sales, Negative spillovers, Haunted houses
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