The Value of Connections - Evidence from the Commercial Real Estate Market
研究美国过去十年投资性房产交易，发现经纪人的人脉整体不重要，但若卖方经纪人带来有关系的买方，则交易价格更高。
Abstract The effect of brokerage connections is examined in a study of investment property transactions across the United States over the last decade. We find that connections in general (brokers’ Rolodex) does not matter after accounting for fine level listing broker and buyer fixed effects (i.e., fixed effects for the pair of listing brokers and buyers combined). What matters is if the deal was completed with a connected buyer as transactions in which the listing broker brought a connected buyer to the table sell at a premium. A series of additional tests highlight the robustness of the results.