This paper analyzes the impact of employment and population shifts in U.S. metropolitan areas from 1970 to 2000 on a spatial mismatch index to determine how metropolitan residents reacted to changes in metropolitan employment distributions. In particular, it seeks to determine whether suburban...

Recent research shows the benefit of access to public open space differs by housing density, suggesting that public recreational open space can act as a substitute for private open space. We explore spatial externalities from different forms of open space across housing densities. We also test...

Our study examines two aspects of life insurers’ exposure to the troubled residential mortgage backed securities (RMBS) market. First, we develop and estimate a model that explains cross-sectional variation in RMBS exposure in terms of firm characteristics. We find that firms least likely to...

This paper examines the impact of distressed sales on single family house prices during a housing market collapse. The innovation here is a methodology to create a proxy for distressed sales when such sales are not identified in the data but are commonplace in the market. We apply our...

This paper contributes to the literature focusing on the impact of foreclosure status on single family house prices during a housing market collapse when foreclosures and distressed sales become the majority of recorded transactions. While it is generally possible to identify Real-estate owned...

We employ a novel spatial regression model to estimate effects of windstorm loss mitigation features on the value of coastal homes. Specifically, we consider joint effects of the Insurance Institute for Business and Home Safety's (IBHS) FORTIFIED HOME^TM . designation (henceforth Fortified) and...

Our study examines two aspects of life insurers' exposure to the troubled residential mortgage backed securities (RMBS) market. First, we develop and estimate a model that explains cross-sectional variation in RMBS exposure in terms of firm characteristics. We find that firms least likely to...

This paper examines the anatomy of a real estate bubble. In the process, we identify three phases of the market’s evolution: in the first phase, a large percentage of transactions are speculative or “flips” causing prices to rapidly increase; in phase two, flipping loses its profitability;...

The literature’s guidance on appraising easement values is limited, such as the sometimes unworkable advice to locate appropriate comparables. A simple economic analysis involving applications of bargaining theory (splitting a cooperative surplus) and game theory (anticipating other...