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Spillovers in Prices: The Curious Case of Haunted Houses

2019-09-27

 

Time:4:00pm - 5:30pm, Sep. 27, 2019

Venue:Room 359S, Overseas Exchange Center, Peking University

Speaker:Utpal Bhattacharya

(Hong Kong University of Science and Technology)

Abstract:

Exploiting the unique institutional setting of Hong Kong’s real estate market, we uncover a curious ripple effect of haunted houses on the prices of nearby houses. Prices drop on average 19% for units that become haunted, 9% for units on the same floor, 6% for units in the same block, and 1% for units in the same estate. Our study makes two contributions. First, we provide an estimate of a large negative spillover on prices caused by an idiosyncratic quality shock. Second, we find that the demand shock rather than the fire sale supply shock explains most of the spillover.

Speaker:

Utpal Bhattacharya is Professor of Finance at Hong Kong University of Science and Technology. He received his Bachelors in Mechanical Engineering from the Indian Institute of Technology, Kanpur, in 1980; an M.B.A. from the Indian Institute of Management, Ahmedabad, in 1982; and his Ph.D. in Finance from Columbia University in 1990. He joined HKUST in 2014. Professor Bhattacharya's research is about the dark side of financial markets. He believes, with apologies to Thomas Jefferson, that "the price of capitalism is eternal vigilance." Professor Bhattacharya is the Executive Editor of Financial Management, and was an Associate Editor of the Review of Financial Studies and the Journal of Financial Markets. His publications have appeared in all the top-tier finance journals (Journal of Finance, Journal of Financial Economics, The Review of Financial Studies, Journal of Financial and Quantitative Analysis and the Journal of Business), top-tier accounting journals like The Accounting Review, and top-tier economics journals like the Journal of Economic Theory, Journal of Law and Economics and the Journal of Monetary Economics.