主  題： Spillovers in Asset Prices: The Curious Case of Haunted Houses

內(nèi)容簡(jiǎn)介：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, 5% for units on the same floor,3% for units in the same block, and 1% for units in the same estate. Price recovery is slow, and discounts are long lasting. Our study makes two contributions. First, our results provide an estimate of a large negative spillover on asset prices caused by an idiosyncratic shock, rather than demand or supply shocks related to economic fundamentals. Second, since we observe that negative spillovers exist even if the haunted house is not sold, we can isolate the quality channel from the fire sale channel. We find that the quality channel contributes significantly to spillovers in assets prices.

報(bào)告人： Kasper Nielsen      副教授

時(shí)  間：2017-10-11    10:00 

地  點(diǎn)： 位育樓117 

舉辦單位： 經(jīng)濟(jì)與金融研究院  科研部