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  4. Agglomeration Effects and Liquidity Gradients in Local Rental Housing Markets
 
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Agglomeration Effects and Liquidity Gradients in Local Rental Housing Markets

Series
School of Finance Working Paper Series
Type
working paper
Date Issued
2016-11-16
Author(s)
Ruf, Daniel  
Abstract (De)
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.
Language
English
HSG Classification
contribution to scientific community
HSG Profile Area
None
Publisher
SoF - HSG
Publisher place
St. Gallen
Number
2016/23
Pages
68
URL
https://www.alexandria.unisg.ch/handle/20.500.14171/103711
Subject(s)

finance

Division(s)

s/bf - Swiss Institut...

Eprints ID
250400
File(s)
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Thumbnail Image

open.access

Name

16_23_Ruf_Agglomeration Effects and Liquidity Gradients.pdf

Size

987.96 KB

Format

Adobe PDF

Checksum (MD5)

b4b25285e62cb9284ec7394a128b7f90

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