Confronting Information Asymmetries: Evidence from Real Estate Markets
利用美国商业地产市场不同地区房产税评估质量作为信息的外生度量，发现市场参与者通过购买附近房产、交易有长期收入历史的房产以及避开知情专业经纪人来解决信息不对称问题。
There are relatively few direct tests of the economic effects of asymmetric information because of the difficulty in identifying exogenous information measures. We propose a novel exogenous measure of information based on the quality of property tax assessments in different regions and apply this to the U.S. commercial real estate market. We find strong evidence that information considerations are significant. Market participants resolve information asymmetries by purchasing nearby properties, trading properties with long income histories, and avoiding transactions with informed professional brokers. The evidence that the choice of financing is used to address information concerns is mixed and weak. Copyright 2004, Oxford University Press.