| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19798 |
| 来源ID | Working Paper 19798 |
| When Real Estate is the Only Game in Town | |
| Hyun-Soo Choi; Harrison Hong; Jeffrey Kubik; Jeffrey P. Thompson | |
| 发表日期 | 2014-01-16 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Using data on household portfolios and mortgage originations, we find that households residing in a city with few publicly traded firms headquartered there are more likely to own an investment home nearby. Households in these areas are also less likely to own stocks. This only-game-in-town effect is more pronounced for households living in high credit quality areas, who can access financing to afford a second home. This effect also becomes pronounced for households living in low credit quality areas after 2002 when securitization made it easier for these households to buy second homes. Cities with few local stocks have in equilibrium higher price-to-rent ratios, making it more attractive to rent, and lower (primary residence) homeownership rates. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w19798 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577472 |
| 推荐引用方式 GB/T 7714 | Hyun-Soo Choi,Harrison Hong,Jeffrey Kubik,et al. When Real Estate is the Only Game in Town. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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