Fire Sales and House Prices: Evidence from Estate Sales Due to Sudden Death

被引：13
作者：
Andersen, Steffen [1 ]
Nielsen, Kasper Meisner [2 ]
机构：
[1] Copenhagen Business Sch, DK-2000 Copenhagen, Denmark
[2] Hong Kong Univ Sci & Technol, Kowloon, Hong Kong, Peoples R China
来源：
MANAGEMENT SCIENCE | 2017年 / 63卷 / 01期
关键词：
fire sales; discount; real estate; financial constraints; sudden death; LIQUIDATION VALUES; MARKET; BANKRUPTCY; AUCTIONS; TRANSACTIONS; EQUILIBRIUM; CONSTRAINTS; EQUITY; MODEL; TIME;
D O I：
10.1287/mnsc.2015.2292
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
This study investigates when forced sales of real estate turn into fire sales by using a natural experiment that allows us to separate supply and demand effects: Forced sales result from sudden death of house owners and are thus unrelated to current market conditions. We find that forced sales result in fire sale discounts. Discounts increase when the sale is urgent, market conditions are poor, and the seller is financially constrained. Overall, our study identifies when forced sales lead to fire sale discounts, and highlights that fire sales occur even in the absence of temporary demand shocks.
引用
收藏
页码：201 / 212
页数：12
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