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http://ssrn.com/abstract=306411
 
 

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Confronting Information Asymmetries: Evidence from Real Estate Markets


Mark J. Garmaise


University of California, Los Angeles (UCLA) - Anderson School of Management

Tobias J. Moskowitz


University of Chicago - Booth School of Business

April 2002

NBER Working Paper No. w8877

Abstract:     
This paper studies the role of asymmetric information in commercial real estate markets in the U.S. We propose a novel and exogenous measure of information based on the quality of property tax assessments in different regions. Employing direct and indirect information variables, we find strong evidence that information considerations are significant in this market. We show that market participants resolve information asymmetries by purchasing nearby properties, trading properties with long income histories, and avoiding transactions with informed professional brokers. The evidence that the choice of financing is used to address information concerns is mixed and weak.

Number of Pages in PDF File: 46

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Date posted: April 4, 2002  

Suggested Citation

Garmaise, Mark J. and Moskowitz, Tobias J., Confronting Information Asymmetries: Evidence from Real Estate Markets (April 2002). NBER Working Paper No. w8877. Available at SSRN: http://ssrn.com/abstract=306411

Contact Information

Mark J. Garmaise
University of California, Los Angeles (UCLA) - Anderson School of Management ( email )
110 Westwood Plaza
Los Angeles, CA 90095-1481
United States
Tobias J. Moskowitz (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-834-2757 (Phone)
773-702-0458 (Fax)
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