| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16806 |
| DP16806 Superstar Returns | |
| Francisco Amaral; Sebastian Kohl; Martin Dohmen; Moritz Schularick | |
| 发表日期 | 2021-12-12 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study long-term returns on residential real estate in 27 “superstar” cities in 15 countries over 150 years. We find that total returns in superstar cities are close to 100 basis points lower per year than in the rest of the country. House prices tend to grow faster in the superstars, but rent returns are substantially greater outside the big agglomerations, resulting in higher long-run total returns. The excess returns outside the superstars can be rationalized as a compensation for risk, especially for higher co-variance with income growth and lower liquidity. Superstar real estate is comparatively safe. |
| 主题 | Economic History ; Financial Economics ; International Macroeconomics and Finance ; International Trade and Regional Economics |
| 关键词 | Asset returns Housing risk Superstar cities Regional housing markets |
| URL | https://cepr.org/publications/dp16806 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545736 |
| 推荐引用方式 GB/T 7714 | Francisco Amaral,Sebastian Kohl,Martin Dohmen,et al. DP16806 Superstar Returns. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
