Information Shocks and the Dynamics of the Housing Market*
研究了学校质量信息首次公开后，住房市场的短期价格反应，发现房价在两个月到三个月内会回落到公布前水平。
Abstract In this paper, we analyze housing‐market reactions to the release of previously unpublished information on school quality. Using high‐quality housing data, which precisely bracket the timing of the information shock, we investigate housing‐price dynamics within school‐catchment areas. We find a robust short‐term housing‐market reaction to the publication of school‐quality indicators, suggesting that this information was new to the households, and that households are willing to pay for better schools. The publication effect does not seem to be permanent as prices revert to pre‐publication levels after two to three months.