The practice of retail internalization has been a controversial topic since the late 1990s. The crux of this debate is whether this practice benefits, via the price improvement relative to exchange, or disadvantages, via the reduced liquidity on exchange, retail traders.To answer this question...

This paper contributes to this debate on the substantial risk-adjusted returns to real estate by first constructing a panel of housing risk premia for 13 OECD countries over a long sample period (1966: Q3 to 2004:Q4), and then exploring the relationship of these risk premia to changes in the...