巨星的回报吗?住房收益的空间异质性

IF 9.5 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2025-08-19 DOI:10.1111/jofi.13479

FRANCISCO AMARAL, MARTIN DOHMEN, SEBASTIAN KOHL, MORITZ SCHULARICK

{"title":"巨星的回报吗?住房收益的空间异质性","authors":"FRANCISCO AMARAL, MARTIN DOHMEN, SEBASTIAN KOHL, MORITZ SCHULARICK","doi":"10.1111/jofi.13479","DOIUrl":null,"url":null,"abstract":"<p>This paper makes the first comprehensive attempt to study within-country heterogeneity of housing returns. We introduce a new city-level data set covering 15 OECD countries over 150 years and show that national housing markets are characterized by systematic spatial variation in housing returns. Total returns in large agglomerations are close to 100 basis points lower per year than in other parts of the same country. Excess returns outside the large cities can be rationalized as compensation for higher risk, especially higher covariance with income growth and lower liquidity. Real estate in diversified large agglomerations is comparatively safe.</p>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"80 5","pages":"3057-3094"},"PeriodicalIF":9.5000,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13479","citationCount":"0","resultStr":"{\"title\":\"Superstar Returns? Spatial Heterogeneity in Returns to Housing\",\"authors\":\"FRANCISCO AMARAL, MARTIN DOHMEN, SEBASTIAN KOHL, MORITZ SCHULARICK\",\"doi\":\"10.1111/jofi.13479\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This paper makes the first comprehensive attempt to study within-country heterogeneity of housing returns. We introduce a new city-level data set covering 15 OECD countries over 150 years and show that national housing markets are characterized by systematic spatial variation in housing returns. Total returns in large agglomerations are close to 100 basis points lower per year than in other parts of the same country. Excess returns outside the large cities can be rationalized as compensation for higher risk, especially higher covariance with income growth and lower liquidity. Real estate in diversified large agglomerations is comparatively safe.</p>\",\"PeriodicalId\":15753,\"journal\":{\"name\":\"Journal of Finance\",\"volume\":\"80 5\",\"pages\":\"3057-3094\"},\"PeriodicalIF\":9.5000,\"publicationDate\":\"2025-08-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13479\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jofi.13479\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Finance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jofi.13479","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文首次对住房收益的国家内部异质性进行了全面的研究。我们引入了一个新的城市层面的数据集，涵盖了15个经合组织国家150年来的数据集，并表明各国住房市场的特征是住房回报的系统性空间变化。大型聚集区的总回报率每年比同一国家的其他地区低近100个基点。大城市以外的超额回报可以合理化为对高风险的补偿，特别是与收入增长的协方差较高和流动性较低。多元化大集聚的房地产相对安全。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Superstar Returns? Spatial Heterogeneity in Returns to Housing

查看原文本刊更多论文

Superstar Returns? Spatial Heterogeneity in Returns to Housing

This paper makes the first comprehensive attempt to study within-country heterogeneity of housing returns. We introduce a new city-level data set covering 15 OECD countries over 150 years and show that national housing markets are characterized by systematic spatial variation in housing returns. Total returns in large agglomerations are close to 100 basis points lower per year than in other parts of the same country. Excess returns outside the large cities can be rationalized as compensation for higher risk, especially higher covariance with income growth and lower liquidity. Real estate in diversified large agglomerations is comparatively safe.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.