We characterize the relationship between the rent-to-price ratio and house market returns and rent growth in a model where the demographic variable, the middleaged to young ratio, captures the slowly evolving components in the rent-to-price ratio. To document the linkage between demographics and...

The number 8, pronounced like 'prosperity,' is lucky in Chinese culture; 4, pronounced like 'death' is unlucky. Superstitious beliefs may influence asset prices if transaction participants have cultural preferences for specific numbers. We analyze the relationship between the presence of 8s and...