This paper examines the impact of a policy change in transaction tax on speculators. The policy intervention took place in Singapore' housing market; it effectively raised the transaction cost in a segment favored by short-term speculators. Relative to the unaffected control sample, we find that...

This paper examines the impact of a policy change in Tobin's tax on housing market speculators. The policy intervention effectively raised the transaction cost in the market segment with a high presence of speculators. Relative to the unaffected control sample, we find that the rise in...

This paper examines the impact of a policy change in Tobin's tax on housing market speculators. The policy intervention effectively raised the transaction cost in the market segment with a high presence of speculators. Relative to the unaffected control sample, we find that the rise in...

This paper investigates the role of speculators in the housing market, specifically their contribution to price overreaction through positive feedback trading (or momentum trading). We exploit a unique dataset of condominium transactions in a residential real estate market where transaction...

Using mobile wallet and card transaction data from a leading Singapore bank, this paper studies the effect of a mobile wallet payment technology introduction in 2017 on business growth. We find the mobile wallet usage doubled after the new technology introduction, and the improved payment...

Using Jones (2014) generalized human capital accounting, we extend the urban accounting model of Desmet and Rossi-Hansberg (2013) to account for the geographic distribution of skills across US metropolitan areas. The methodology allows the productivity of high-skill workers to depend on location...

We study spatial inequality in access to local public services between low-income and high-income households in Chinese cities. We examine the extent to which such inequality is exacerbated by residential sorting with respect to household income that makes neighborhoods with better access to...

The rapid pace of urbanization and income growth in China in the past decade, spurred in part by the liberalization of the urban housing and labor markets, resulted in considerable growth in urban land rents and wage rates. The objective of this study is to examine the influence of urban quality...

We advance the real-option-based empirical analysis of commercial real estate investment in three respects. First, we test several real option implications for real estate construction that have not been examined in the commercial real estate investment literature. In particular, we show that...

This paper develops a methodology to identify asset price response to news in the framework of Campbell-Shiller log-linear present-value equation. We show that slow price adjustment not only induces high serial auto correlation in real estate excess returns, but also dampens their volatility and...