| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25966 |
| 来源ID | Working Paper 25966 |
| What's Wrong with Pittsburgh? Delegated Investors and Liquidity Concentration | |
| Andra C. Ghent | |
| 发表日期 | 2019-06-17 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | What makes an asset institutional-quality? This paper proposes that one reason is the existing concentration of delegated investors in a market through a liquidity channel. Consistent with this intuition, it documents differences in investor composition across US cities and shows that delegated investors concentrate investments in cities with higher turnover. It then calibrates a search model showing how heterogeneity in liquidity preferences makes some markets more liquid even when assets have identical cash flows. The calibration indicates that commercial real estate commands an illiquidity premium of two percentage points annually relative to a perfectly liquid asset with similar credit risk. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w25966 |
| 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/583640 |
| 推荐引用方式 GB/T 7714 | Andra C. Ghent. What's Wrong with Pittsburgh? Delegated Investors and Liquidity Concentration. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25966.pdf（625KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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