Hedonic analysis and time‐varying capitalization: An application using school quality
研究了住房市场繁荣-萧条周期中学校质量资本化的动态变化，发现住房低迷期高质量学校资本化急剧上升，而繁荣和复苏期则下降，呈现逆周期趋势。
Abstract This paper investigates the dynamics of school quality capitalization during the boom–bust cycle of the housing market. We find that the housing downturn led to a sharp increase in capitalization for high‐quality schools, whereas the boom and recovery periods saw a decline in valuation for top schools. Hence, the capitalization of school quality exhibits a strong countercyclical trend with the overall housing market. We test whether our findings are driven by households “trading down” from private schools during downturns or the fact that the housing supply responds asymmetrically during the boom and bust, but we find little support for these propositions.