1 option
Confronting Information Asymmetries: Evidence from Real Estate Markets / Mark J. Garmaise, Tobias J. Moskowitz.
- Format:
- Book
- Author/Creator:
- Garmaise, Mark J.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8877.
- NBER working paper series no. w8877
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Confronting Information Asymmetries
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- This paper studies the role of asymmetric information in commercial real estate markets in the U.S. We propose a novel and exogenous measure of information based on the quality of property tax assessments in different regions. Employing direct and indirect information variables, we find strong evidence that information considerations are significant in this market. We show that market participants resolve information asymmetries by purchasing nearby properties, trading properties with long income histories, and avoiding transactions with informed professional brokers. The evidence that the choice of financing is used to address information concerns is mixed and weak.
- Notes:
- Print version record
- April 2002.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.