Asymmetric or Incomplete Information about Asset Values?
提出一种利用文本数据控制资产多维异质性的新框架，重新审视住宅房地产市场的委托代理问题，发现此前归因于信息不对称的溢价实为遗漏变量偏差。
Abstract We provide a new framework for using text as data in empirical models. The framework identifies salient information in unstructured text that can control for multidimensional heterogeneity among assets. We demonstrate the efficacy of the framework by reexamining principal-agent problems in residential real estate markets. We show that the agent-owned premiums reported in the extant literature dissipate when the salient textual information is included. The results suggest the previously reported agent-owned premiums suffer from an omitted variable bias, which prior studies incorrectly ascribed to market distortions associated with asymmetric information. 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.