On the Relation between Local Amenities and House Price Dynamics
研究了美国238个大都市区中地方便利设施与房价波动、回报及风险调整回报的关系，发现高便利设施地区房价波动更大，但风险调整回报无异常。
Abstract This study explores the extent to which local amenities are related to house price volatility, returns and risk‐adjusted returns across 238 MSAs. We find strong evidence that high amenity areas experience greater price volatility. In regards to returns, high amenity areas experience greater (lower) real returns in appreciating (depreciating) markets. However, high amenity areas experience little to no abnormal risk‐adjusted returns. Results from the study are robust to an endogenous treatment of amenities and land supply elasticity. Overall, we conclude that the desirability of a metropolitan area is a significant channel through which land values drive house price dynamics.