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

Published Online:https://doi.org/10.1287/mnsc.2015.2292

References

  • Acharya V, Bharath ST, Srinivasan A (2007) Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries. J. Financial Econom. 85(3):787–821.CrossrefGoogle Scholar
  • Aghion P, Hart O, Moore J (1992) The economics of bankruptcy reform. J. Law, Econom., Organ. 8(3):523–546.Google Scholar
  • Albuquerque R, Schroth E (2015) The value of control and the costs of illiquidity. J. Finance 70(4):1405–1455.CrossrefGoogle Scholar
  • Andersen S, Nielsen KM (2011) Participation constraints in the stock market: Evidence from unexpected inheritances due to sudden death. Rev. Financial Stud. 24(5):1667–1697.CrossrefGoogle Scholar
  • Andersen S, Nielsen KM (2012) Ability of finances as constraints on entrepreneurship: Evidence from survival rates in a natural experiment. Rev. Financial Stud. 25(12):3684–3710.CrossrefGoogle Scholar
  • Benmelech E, Bergman NK (2009) Liquidation values and the credibility of financial contract renegotiation: Evidence from U.S. Airlines. Quart. J. Econom. 123(4):1635–1677.CrossrefGoogle Scholar
  • Benmelech E, Bergman NK (2011) Bankruptcy and the collateral channel. J. Finance 66(2):337–378.CrossrefGoogle Scholar
  • Benmelech E, Garmaise MJ, Moskowitz TJ (2005) Do liquidation values affect financial contracts? Evidence from commercial loan contracts and zoning regulation. Quart. J. Econom. 120(3): 1121–1154.Google Scholar
  • Campbell JY, Giglio S, Pathak P (2011) Forced sales and house prices. Amer. Econom. Rev. 101(5):2108–2131.CrossrefGoogle Scholar
  • Clauretie TM, Daneshvary N (2009) Estimating the house foreclosure discount corrected for spatial price interdependence and endogeneity of marketing time. Real Estate Econom. 37(1):43–67.CrossrefGoogle Scholar
  • Coval J, Stafford E (2007) Asset fire sales (and purchases) in equity markets. J. Financial Econom. 86(2):479–512.CrossrefGoogle Scholar
  • Eckbo BE, Thorburn K (2008) Automatic bankruptcy auctions and fire-sales. J. Financial Econom. 89(3):404–422.CrossrefGoogle Scholar
  • Forgey FA, Rutherford RC, VanBuskirk ML (1994) Effect of foreclosure status on residential selling price. J. Real Estate Res. 9(3):313–318.Google Scholar
  • Genesove D, Mayer CJ (1997) Equity and time to sale in the real estate market. Amer. Econom. Rev. 87(3):255–269.Google Scholar
  • Gromb D, Vayanos D (2002) Equilibrium and welfare in markets with financially constrained arbitrageurs. J. Financial Econom. 66(2–3):361–407.CrossrefGoogle Scholar
  • Hardin WG, Wolverton ML (1996) The relationship between foreclosure status and apartment price. J. Real Estate Res. 12(1):101–109.Google Scholar
  • Ivashina V, Scharfstein DS (2010) Bank lending during the financial crisis of 2008. J. Financial Econom. 97(3):319–338.CrossrefGoogle Scholar
  • Kiyotaki N, Moore J (1997) Credit cycles. J. Political Econom. 105(2):211–248.CrossrefGoogle Scholar
  • Krainer J (2001) A theory of liquidity in residential real estate markets. J. Urban Econom. 49(1):32–53.CrossrefGoogle Scholar
  • Lang L, Stulz R (1992) Contagion and competitive intra-industry effects of bankruptcy announcements. J. Financial Econom. 32(1):45–60.CrossrefGoogle Scholar
  • Levitt SD, Syverson C (2008) Market distortions when agents are better informed: The value of information in real estate transactions. Rev. Econom. Statist. 90(4):599–611.CrossrefGoogle Scholar
  • Mayer CJ (1995) A model of negotiated sales applied to real estate auctions. J. Urban Econom. 38(1):1–22.CrossrefGoogle Scholar
  • Mayer CJ (1998) Assessing the performance of real estate auctions. Real Estate Econom. 26(1):41–66.CrossrefGoogle Scholar
  • Ministry of Finance (1999) Vilkår for dødsboer, arvinge og efterladte. (Ministry of Finance, Copenhagen, Denmark).Google Scholar
  • Novy-Marx R (2009) Hot and cold markets. Real Estate Econom. 37(1):1–22.CrossrefGoogle Scholar
  • Ortiz-Molina H, Phillips GM (2014) Real asset illiquidity and the cost of capital. J. Financial Quant. Anal. 49(1):1–32.CrossrefGoogle Scholar
  • Piazzesi M, Schneider M, Stroebel J (2012) Segmented housing search. Working paper, Stanford University, Stanford, CA.Google Scholar
  • Pulvino TC (1998) Do fire sales exist? An empirical investigation of commercial aircraft transactions. J. Finance 53(3):939–978.CrossrefGoogle Scholar
  • Realkreditrådet (2014) Housing prices and transactions. http://www.realkreditraadet.dk.Google Scholar
  • Ret og Råd (2008) Analyse af den nye arvelov (Ret og Råd, Copenhagen, Denmark).Google Scholar
  • Shilling JD, Benjamin JD, Sirmans CF (1990) Estimating net realizable value for distressed real estate. J. Real Estate Res. 5(1):129–139.Google Scholar
  • Shleifer A, Vishny R (1992) Liquidation values and debt capacity: A market equilibrium approach. J. Finance 47(4):1343–1366.CrossrefGoogle Scholar
  • Shleifer A, Vishny R (2010) Unstable banking. J. Financial Econom. 97(3):303–318.CrossrefGoogle Scholar
  • Shleifer A, Vishny R (2011) Fire sales in finance and macroeconomics. J. Econom. Perspect. 25(1):29–48.CrossrefGoogle Scholar
  • Wheaton WC (1990) Vacancy, search, and prices in a housing market matching model. J. Political Econom. 98(6):1270–1292.CrossrefGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.