Desperate House Sellers: Distress among Developers

IF 6.8 1区 经济学 Q1 BUSINESS, FINANCE Review of Financial Studies Pub Date : 2023-10-03 DOI:10.1093/rfs/hhad076
Eileen van Straelen
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Abstract

Abstract I identify the effect of financial constraints on product prices using granular data on home-builder housing developments from the 2006–2009 housing crisis. Builders who experience losses in one area subsequently sell homes in unaffected areas at a discount to raise cash quickly. When builders cut prices, they sell homes faster and builders cut prices more in areas in which price cuts produce larger declines in time-to-sale. Financially constrained firms are more likely to cut prices of homes in healthy areas following losses elsewhere. Firms cut prices following losses in other projects only during the crisis, not during the boom. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online
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绝望的卖房者:开发商的苦恼
本文利用2006-2009年住房危机期间住宅建筑商住房开发的细粒度数据,确定了金融约束对产品价格的影响。在一个地区遭受损失的建筑商随后会以折扣价出售未受影响地区的房屋,以迅速筹集资金。当建筑商降价时,他们卖得更快,而在降价导致销售时间下降更大的地区,建筑商降价幅度更大。财政拮据的公司更有可能在其他地方亏损后降低健康地区的房价。只有在危机期间,而不是在繁荣时期,企业才会在其他项目亏损后降价。作者们提供了一份互联网附录,可以在牛津大学出版社的网站上找到,就在最终发表论文的链接旁边
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来源期刊
CiteScore
16.00
自引率
2.40%
发文量
83
期刊介绍: The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.
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