Confronting Information Asymmetries : Evidence from Real Estate Markets

  title={Confronting Information Asymmetries : Evidence from Real Estate Markets},
  author={Tobias J. Moskowitz},
  • Tobias J. Moskowitz
  • Published 2003
There are relatively few direct tests of the economic effects of asymmetric information because of the difficulty in identifying exogenous information measures. We propose a novel exogenous measure of information based on the quality of property tax assessments in different regions and apply this to the U.S. commercial real estate market. We find strong evidence that information considerations are significant. Market participants resolve information asymmetries by purchasing nearby properties… CONTINUE READING
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