We develop an equilibrium model for residential housing transactions in an economy with houses that differ in their quality and households that differ in their planned holding horizon. We show that, in equilibrium, clientele effect persists, with long-horizon buyers overwhelmingly choosing...

We investigate information transfer effects of operational loss announcements to the announcing firm's blockholder. Based on an event study, we find that the firm-blockholder link tends to be weak for U.S. financial sector blockholders, with significant negative spillover effects occurring...