Fire Sales and House Prices: Evidence from Estate Sales Due to Sudden Death

Andersen, Steffen; Nielsen, Kasper Meisner

doi:10.2139/ssrn.2310410

Cited by 4 publications

(1 citation statement)

References 28 publications

(29 reference statements)

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“…al. 2015;ANDERSEN, NIELSEN 2013). Thus, the developed analysis will be based on OLS regression methodology, assuming the percentage discount between list price and sale price as dependent variable, determined as already given (1).…”

Section: Regression Modelmentioning

confidence: 99%

Italian Auction Market: Features of Discounted Forced Sale Price

Amoruso

Mariani

d’Amato

et al. 2020

Real Estate Management and Valuation

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The purpose of the paper is to investigate the main causes of discount between list price and forced sale value in the Italian real estate auction segment, in favor of more comprehensive determination of the value of mortgage underlying guarantees; this would allow for an improvement of further valorization processes of assets intended to obtain a higher selling price.Starting from the results of existing literature, an ordinary least squares regression analysis was conducted in order to point out the main determinants of the discount between list price and forced sale value. It has been verified, when sampling 225 cases of forced residential property sales in the South of Italy, that the time constraint of the Italian regulatory framework is more relevant with reference to discount rather than the physical characteristics of assets.The influence of the duration of procedures is proof that even if recent government initiatives have led to positive results in terms of reducing the length of procedures, this is not yet satisfactory compared to other European contexts. This provides evidence of the need for further interventions aimed at improving the efficiency of the procedural system, also encouraging recourse to other options that lead to ease judicial burden.

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Section: Regression Modelmentioning

confidence: 99%

Italian Auction Market: Features of Discounted Forced Sale Price

Amoruso

Mariani

d’Amato

et al. 2020

Real Estate Management and Valuation

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The Value of Control and the Costs of Illiquidity

Albuquerque¹,

Schroth

2015

The Journal of Finance

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We develop a search model of block trades that values the illiquidity of controlling stakes. The model considers several dimensions of illiquidity. First, following a liquidity shock, the controlling blockholder is forced to sell, possibly to a less efficient acquirer. Second, this sale may occur at a fire sale price. Third, absent a liquidity shock, a trade occurs only if a potential buyer arrives. Using a structural estimation approach and U.S. data on trades of controlling blocks of public corporations, we estimate the value of control, blockholders' marketability discount, and dispersed shareholders' illiquidity-spillover discount.

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Tax Regimes and Capital Gains Realizations

Jacob

2011

SSRN Journal

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This paper analyzes the effects of progressive versus proportional taxation on capital gains realization behavior. Using a comprehensive panel of over 230,000 individuals in Sweden for , this paper shows after progressive capital gains taxes were cut from over 80% in the 1980s to a proportional tax rate of 30% in 1991, especially high-income taxpayers increased capital gains realizations. The reaction to the introduction of the proportional capital gains tax rate is more pronounced among younger individuals. This paper also shows that under a progressive (proportional) tax regime, investors with excess income are less (more) likely to realize capital gains than individuals with liquidity constraints. Hence, proportional versus progressive taxation plays an important role in capital gains realizations of private investors.

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Fire Sales and House Prices: Evidence from Estate Sales Due to Sudden Death

Cited by 4 publications

References 28 publications

Italian Auction Market: Features of Discounted Forced Sale Price

Italian Auction Market: Features of Discounted Forced Sale Price

The Value of Control and the Costs of Illiquidity

Tax Regimes and Capital Gains Realizations

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