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Confronting Information Asymmetries: Evidence from Real Estate Markets

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  • Mark J. Garmaise
  • Tobias J. Moskowitz
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    Abstract

    This paper studies the role of asymmetric information in commercial real estate markets in the U.S. We propose a novel and exogenous measure of information based on the quality of property tax assessments in different regions. Employing direct and indirect information variables, we find strong evidence that information considerations are significant in this market. We show that market participants resolve information asymmetries by purchasing nearby properties, trading properties with long income histories, and avoiding transactions with informed professional brokers. The evidence that the choice of financing is used to address information concerns is mixed and weak.

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    File URL: http://www.nber.org/papers/w8877.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8877.

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    Date of creation: Apr 2002
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    Publication status: published as Garmaise, Mark J. and Tobias J. Moskowitz. "Confronting Information Asymmetries: Evidence From Real Estate Markets," Review of Financial Studies, 2004, v17(2,Summer), 405-437.
    Handle: RePEc:nbr:nberwo:8877

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    Cited by:
    1. Anna Nagurney & Tina Wakolbinger & Li Zhao, 2006. "The Evolution and Emergence of Integrated Social and Financial Networks with Electronic Transactions: A Dynamic Supernetwork Theory for the Modeling, Analysis, and Computation of Financial Flows and R," Computational Economics, Society for Computational Economics, vol. 27(2), pages 353-393, May.

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