Time to Build and the Real-Options Channel of Residential Investment

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dc.contributor.authorOh, Hyunseungko
dc.contributor.authorYoon, Chamnako
dc.date.accessioned2020-01-13T07:20:05Z-
dc.date.available2020-01-13T07:20:05Z-
dc.date.created2018-11-01-
dc.date.created2018-11-01-
dc.date.created2018-11-01-
dc.date.issued2020-01-
dc.identifier.citationJOURNAL OF FINANCIAL ECONOMICS, v.135, no.11, pp.255 - 269-
dc.identifier.issn0304-405X-
dc.identifier.urihttp://hdl.handle.net/10203/271128-
dc.description.abstractA standard real-options model predicts that time-to-build investment decisions could be delayed by uncertainty over future revenue. This paper examines the first-order importance of this mechanism by looking into the micro-data for residential construction during the recent housing boom and bust. We develop a model of sequential irreversible investment with stochastic bottlenecks and estimate the model parameters based on the distribution of time-to-build and new house prices. In the estimated model, the boom period increase in time-to-build is caused by frequent construction bottlenecks, and the decrease in house prices and the increase in uncertainty during the bust generated further delays in construction.-
dc.languageEnglish-
dc.publisherELSEVIER SCIENCE SA-
dc.titleTime to Build and the Real-Options Channel of Residential Investment-
dc.typeArticle-
dc.identifier.wosid000504520000012-
dc.identifier.scopusid2-s2.0-85068556015-
dc.type.rimsART-
dc.citation.volume135-
dc.citation.issue11-
dc.citation.beginningpage255-
dc.citation.endingpage269-
dc.citation.publicationnameJOURNAL OF FINANCIAL ECONOMICS-
dc.identifier.doi10.2139/ssrn.2644428-
dc.contributor.localauthorYoon, Chamna-
dc.contributor.nonIdAuthorOh, Hyunseung-
dc.description.isOpenAccessN-
dc.type.journalArticleArticle-
dc.subject.keywordAuthorInvestment-
dc.subject.keywordAuthorHousing-
dc.subject.keywordAuthorReal options-
dc.subject.keywordPlusUNCERTAINTY-
dc.subject.keywordPlusPRICES-
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