Institutional Investment, Asset Illiquidity and Post‐Crash Housing Market Dynamics
研究了机构投资者在房地产危机后以低于自住者6.3%-11.8%的价格购入独栋住宅，揭示了资产非流动性是自住住房市场杠杆的重要成本。
Abstract We examine institutional investors’ entry into the equity side of the single‐family detached housing market using an asset illiquidity framework. We find that institutional investors purchased owner‐occupied houses after the real estate crisis for approximately 6.3–11.8% less than owner‐occupiers. The large discount was in addition to distressed sale and cash purchase discounts which, when combined, highlight the low liquidation value for owner‐occupied housing. The results suggest that asset illiquidity is an important cost of leverage in the owner‐occupied housing market.