School quality, house prices and liquidity

被引：55
|
作者：
Zahirovic-Herbert, Velma [1 ]
Turnbull, Geoffrey K. [2 ]
机构：
[1] Univ Georgia, Dept Housing & Consumer Econ, Athens, GA 30602 USA
[2] Georgia State Univ, Fiscal Res Ctr, Atlanta, GA 30302 USA
来源：
JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS | 2008年 / 37卷 / 02期
关键词：
capitalization; house price; liquidity; school quality; search market;
D O I：
10.1007/s11146-007-9081-3
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper develops an empirical framework for taking into account the effects of endogenous liquidity on price capitalization estimates. Changes in school attendance zones in the East Baton Rouge Parish public school district provide a natural experiment for studying how changes in school characteristics affect house prices and liquidity. House price and selling time, or liquidity, are simultaneously determined in search markets. The empirical model exploits variation in the surrounding neighborhood market conditions pertinent to each house to identify the system of price and liquidity equations. The estimates are consistent with search-market theory in that liquidity absorbs part of the capitalization of school quality.
引用
收藏
页码：113 / 130
页数：18
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