Item Type |
Monograph
(Working Paper)
|
Abstract |
This paper empirically analyzes the relation between local liquidity in rental housing markets and urban agglomeration e�ects. Using listed rent o�ers from online market platforms, I study the cross-sectional variation of rental market liquidity. Local liquidity is negatively related to the distance to nearby located urban Agglomeration centers, manifesting in a decreasing liquidity gradient. I show that Agglomeration externalities expose local rental markets to a systematic liquidity risk. Furthermore, more thinly traded rental markets o�er lower capitalization rates for investors. |
Authors |
Ruf, Daniel |
Language |
English |
Subjects |
finance |
HSG Classification |
contribution to scientific community |
HSG Profile Area |
None |
Date |
16 November 2016 |
Publisher |
SoF - HSG |
Place of Publication |
St. Gallen |
Series Name |
School of Finance Working Paper Series |
Number |
2016/23 |
Number of Pages |
68 |
Depositing User |
Geraldine Frei-Böbel
|
Date Deposited |
14 Feb 2017 09:25 |
Last Modified |
04 Feb 2023 01:23 |
URI: |
https://www.alexandria.unisg.ch/publications/250400 |