COVID‐19, political orientation, and residential real estate returns
利用COVID-19作为冲击，研究政治倾向对住宅房地产回报的影响，发现民主党倾向县和自由派新闻观众多的县月回报下降0.8-1.2个百分点，主要由经济预期的党派差异驱动。
Abstract We use the COVID‐19 pandemic as a shock to partisan‐based perceptions of risk and study its effect on residential real estate returns. Using county–month data from January to December 2020, difference‐in‐differences estimates show that Democratic‐leaning counties and those with greater liberal‐news viewership experienced monthly return declines of about 0.8–1.2 percentage points, wiping out the typical 0.80% monthly gain at the onset of the crisis. This pattern is not explained by flight from dense or urban locations. Mechanism tests point primarily to partisan differences in economic expectations, amplified by political uncertainty. Overall, our findings suggest that political orientation matters for asset returns primarily in the presence of external shocks such as COVID‐19.