Misinformed Speculators and Mispricing in the Housing Market
成果类型：
Article
署名作者：
Chinco, Alex; Mayer, Christopher
署名单位：
University of Illinois System; University of Illinois Urbana-Champaign; Columbia University; National Bureau of Economic Research
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhv061
发表日期：
2016
页码：
486
关键词：
摘要：
This paper examines the contribution of out-of-town second-house buyers to mispricing in the housing market. We show that demand from out-of-town second-house buyers during the mid 2000s predicted not only house-price appreciation rates but also implied-to-actual-rent-ratio appreciation rates, a proxy for mispricing. We then apply a novel identification strategy to address the issue of reverse causality. We give supporting evidence that out-of-town second-house buyers behaved like misinformed speculators, earning lower capital gains (misinformed) and consuming smaller dividends (speculators).
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