Externalities of residential property flipping
研究了房产倒卖活动对周边非倒卖房产交易价格的影响，发现倒卖在市场上行时推高价格、下行时压低价格，加剧了房价波动和周期循环。
Abstract This study investigates whether flipping activities impose an externality on the transaction prices of the neighboring nonflipped properties. Using a data set of residential property transactions in Clark County, Nevada for the period 2003–2013, we find that flippers impose a significant positive impact on the price of neighboring nonflipped properties in an up market, but a significant negative effect in a down market. This procyclical impact of flipping activity contributes to the volatility of housing prices, hence magnifying boom and bust cycles and increasing the likelihood of a mortgage crisis.