Dear Colleagues,

LTI@UniTO (www.carloalberto.org/lti) and Collegio Carlo Alberto are pleased to invite you to the following seminar in Quantitative Finance,

that will take place on June 3rd at 3 pm CET via Zoom. Please register here

https://www.eventbrite.it/e/biglietti-housing-yields-108081524750

to get the Zoom link to join the webinar.

Title: "Housing Yields"

Abstract: This paper investigates cross-sectional heterogeneity in residential property prices using rental and sale listings from a large German internet real estate. By matching properties for sale and for rent, we develop a novel price-to-rent ratio measure at the micro-level, with which we examine the determinants of regional variation in the first two moments of the ratio. The ratio strongly co-moves with local demographics, housing supply rigidities, and housing market liquidity. Correlation patterns are broadly in line with a Gordon framework, where differences in the price-to-rent ratio stem from heterogenous expected discount and rent growth rates. However, there remains a puzzling level of idiosyncratic heterogeneity that is inconsistent with existing theories.

We hope you will be able to join us!

Best,

Luca Regis

-- 
Luca Regis
Associate Professor
Department of Economics and Statistics (ESOMAS)
University of Torino
sites.google.com/view/lucaregis
Office: +39 011 670 6065
www.carloalberto.org/lti