Real Estate Agents As a Source of Information for Home Buyers

The concern for the consumer's right to be adequately informed when making a purchase has provided an impetus for legislation and research in a variety of consumer decision areas. Absent from these efforts has been any examination of the most important consumer decision—the purchase of a home. This study examined the quantity and quality of information that a key marketing agent in the purchase of a home, the real estate broker, is capable of providing consumers. A variety of informational areas are examined with most of them centered on the quality of life in a community neighborhood. The results suggest areas where brokers can be better informed and thereby better serve their public as a source of information.     

An Analysis of Changes in Specialist Inventories and Quotations

We develop a dynamic model of market making incorporating inventory and information effects. The market maker is both a dealer and an investor, quoting prices that induce mean reversion in inventory toward targets determined by portfolio considerations. We test the model with inventory data from a New York Stock Exchange specialist. Specialist inventories exhibit slow mean reversion, with a half-life of over 49 days, suggesting weak inventory effects. However, after controlling for shifts in desired inventories, the half-life falls to 7.3 days. Further, quote revisions are negatively related to specialist trades and are positively related to the information conveyed by order imbalances.     

Application of the Capital Asset Pricing Model to Multi-period Investments

This paper presents a method for evaluating a multi-period asset that is consistent with the valuations implied by the capital asset pricing model, and shows how the results of the valuation processes can be expressed in terms of a number of commonly used valuation formulas.
Ce papier expose tout d'abord une méthode permettant d'estimer une valeur immobilisée à multiples périodes qui soit compatible avec les évaluations fournies par le modéle d'bvaluation de l'actif immobilisé. II montre ensuite comment les résultats des opérations d'haluation peuvent être exprimés au moyen d'un nombre de formules d'estimation couramment utilisées.
Dieser Beitrag stellt eine Methode für die Bewertung einer mehrperiodischen Investition dar, die mit den Bewertungen, die das 'Capital Asset Pricing' Modell impliziert, übereinstimmt. Er zeigt, wie die Ergebnisse des Bewertungsprozesses mittels einer Anzahl gebrluchlicher Formeln ausgedruckt werden konnen.     

Volume for Winners and Losers: Taxation and Other Motives for Stock Trading

Capital gains taxes create incentives to trade. Our major finding is that turnover is higher for winners (stocks, the prices of which have increased) than for losers, which is not consistent with the tax prediction. However, the turnover in December and January is evidence of tax-motivated trading; there is a relatively high turnover for losers in December and for winners in January. We conclude that taxes influence turnover, but other motives for trading are more important. We were unable to find evidence that changing the length of the holding period required to qualify for long-term capital gains treatment affected turnover.