Based on quarterly data from the US commercial real estate market we find that a short position on the Dow-Jones US Real Estate index (DJUSRE) can serve as a useful and effective hedge against the price risk of U.S. direct commercial real estate investments. According to our results, when...

Robert Shiller has long advocated the use of derivative real estate instruments to manage home equity risk. While his Nobel idea discusses the benefits to homeowners, to date, practical issues of hedging have been largely unexplored. Starting with the 2006 listing of real estate futures...

The social safety net for older Americans has been shrinking for the past couple decades. The risks associated with aging, reduced income, and increased healthcare costs, have been off-loaded onto older individuals. At the same time, older Americans are increasingly likely to file consumer...

In this paper, I assess labor market returns of a substantial skill upgrade: college enrollment of the vocationally trained, non-traditional students who do not have the formal entry requirement. Using propensity-scoreadjusted regressions and the National Educational Panel Study, I find that...

The COVID-19 pandemic has triggered an unprecedented crisis in the tourism industry. We study the impact of COVID-19 on global Airbnb booking activity regarding three factors: the initial Wuhan lockdown, local COVID-19 cases, and local lockdowns. Using reviews and cancellations as proxies for...

The profitability of extracting oil and gas trapped within the nation's extensive shale formations has generated a boom in the oil-and-gas industry. Operators are pushing to drill close to populations and sensitive resources, and many states are facilitating such extensive drilling with laws...

This study expands the wavelet literature by using the continuous wavelet transform based measure to examine the interdependence and systematic risk of nine Asian securitized real estate markets: Australia, China, Hong Kong, Japan, Malaysia, Philippines, Singapore, Thailand, Taiwan) and the US...

We show, using a stylized model, how the financing choice of landlords can impact eviction decisions in rental markets. Since multifamily loans rely on timely cash flows from tenants, strict underwriting factors can increase the chances that landlords are able to weather income shocks. Lender...

The SEC mandates firms to inform investors about their assessment of future contingencies in their 10 Ks. However lengthy and complex disclosures – mostly for dozens of firms in an investor’s portfolio – can barely be processed by a human being. To cope with the flood of information, we...

Theoretical models on the selling process in the housing market are scarce. Taylor (1999) specifies a model where time-on-the-market gives a quality signal of the house to potential buyers if inspection outcomes of the house are not public. We specify a duration model with competing risks, where...