This study analyzes the rent term premium for leases that can be cancelled by the lessee. We model the lessor's trade-off between leasing costs and the cost of cancellation options based on the recognition that many leases are cancellable by lessees, and lease markets involve significant...

The housing stock is underutilized in empty nests, which can be caused by the low mobility of elderly households and early renovations for their heirs. This study sheds light on the cause of inefficient empty nests by focusing on a bequest motive and inheritance tax. Japanese household panel...