This paper represents a first attempt to employ a macroeconomic approach to explain the high and varying IPO underpricing within a single emerging market. We examine the empirical impact of trade openness on the short-run underpricing of initial public offerings (IPOs) using city-level data....

We follow the seminal work of Paelinck (1978) who introduces spatial interdependence of, i.e. income, expenditure, investment, to classic Keynesian economic models, and estimate a spatial factor model. Asset prices may display characteristics of spatial dependence meaning spatial proximity can...

Employing a generalized Hamiltonian Monte Carlo Bayesian procedure we develop a new measure of real estate uncertainty that explicitly encapsulates conditional stochastic volatility and noise. When applied to commercial real estate (CRE) markets, results of Vector Autoregressive (VAR) modeling...

In recent years, UK housing policy has sought to restrict investment behaviour and increase the homeownership rate. This paper contributes to the literature by estimating the effect of a 3% additional transaction tax, known as stamp duty land tax (SDLT), on the Buy-to-Let (BTL) market in the UK....

We evaluate a number of real estate sentiment indices to ascertain current and forward-looking information content that may be useful for forecasting demand and supply activities. Analyzing the dynamic relationships within a Vector Auto-Regression (VAR) framework and using the quarterly US data...