Confederate Memorials and the Housing Market

45 Pages Posted: 10 Feb 2022

See all articles by T. Clifton Green

T. Clifton Green

Emory University - Department of Finance

Russell Jame

University of Kentucky - Gatton College of Business and Economics

Jaemin Lee

Emory University - Goizueta Business School

Jaeyeon Lee

University of California, Berkeley - Haas School of Business

Date Written: January 31, 2022

Abstract

Houses on streets with names that honor the Confederacy sell for 3% less than other similar nearby houses. The effect is concentrated outside the South and in regions with greater Black populations and more left-leaning voters, and it increases following attention-grabbing events that highlight the racial underpinnings of Confederate symbols. Confederate listings are also more likely to experience long durations and sell at large discounts relative to listing prices. Consistent with residential sorting, Confederate-memorial houses are less likely to be occupied by Black, college-educated, or Democratic-voting residents. The findings suggest that Confederate memorials can have direct effects on asset markets.

Keywords: Confederate Memorials, Housing Markets

JEL Classification: G12, D14, R31

Suggested Citation

Green, T. Clifton and Jame, Russell and Lee, Jaemin and Lee, Jaeyeon, Confederate Memorials and the Housing Market (January 31, 2022). Available at SSRN: https://ssrn.com/abstract=4022721 or http://dx.doi.org/10.2139/ssrn.4022721

T. Clifton Green (Contact Author)

Emory University - Department of Finance ( email )

1300 Clifton Rd.
Atlanta, GA 30322-2710
United States
404-727-5167 (Phone)
404-727-5238 (Fax)

Russell Jame

University of Kentucky - Gatton College of Business and Economics ( email )

550 South Limestone
Lexington, KY 40506
United States

HOME PAGE: http://russelljame.com

Jaemin Lee

Emory University - Goizueta Business School ( email )

Atlanta, GA 30322-2710
United States

Jaeyeon Lee

University of California, Berkeley - Haas School of Business ( email )

545 Student Services Building, #1900
2220 Piedmont Avenue
Berkeley, CA 94720
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
138
Abstract Views
899
rank
288,033
PlumX Metrics