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Working Paper
Institutional Housing Investors and the Great Recession

Before the Great Recession, residential institutional investors predominantly bought and rented out condos, but then they increased their market share of rental houses from 17 percent in 2001 to 28 percent in 2018. Along with this change, rental survey data show that the annual house operating-cost premium of institutional investors relative to homeowners fell from 44 percent in 2001 to 28 percent in 2015. To measure how these reduced costs affected the housing bust of 2007–2011, I build a heterogeneous agent model of the housing market featuring corporate investors and two types of ...
Working Papers , Paper 23-22

Information and Core-Periphery Structure in Over-the-Counter Markets

An over-the-counter (OTC) market is a market where investors trade any kind of asset without a central exchange. OTC markets can be quite large. For example, the OTC market for credit default swaps (CDS) exhibit a quarterly trade volume of over $2 trillion. A prevalent feature of most OTC markets — and in particular for the CDS OTC market — is that the trading network of market participants exhibit a core-periphery structure.
Richmond Fed Economic Brief , Volume 22 , Issue 23

Journal Article
Policy Update: A Brewing Debate over ESG

Public companies, including banks, are being pressured by activists and some investors to disclose more information about the real-world effects of their activities — an effort known as the Environmental, Social, and Governance (ESG) movement. While the "E" (for environmental) often garners the most attention, ESG encompasses a broader range of issues and practices. As a result of this controversy, a debate is underway over ESG-related disclosure requirements.
Econ Focus , Issue 1Q , Pages 9



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