Working Papers
The Ziman Center was established to create and administer UCLA's activities surrounding the topic of real estate. To advance this mandate, the Center has built a community of leading scholars who undertake real estate-related research. The Working Papers series is made up of research undertaken by the Center's Affiliated Faculty and Fellows, who join the Center from departments throughout the UCLA campus, including management, economics, law, public policy, urban planning, public health, engineering, architecture and geography. Working papers are the first step to published research, and the purpose of the series is to widely distribute the results of high-quality research. At regular intervals the Ziman Center prepares research briefs that provide insights into research to the wider real estate community.
2023
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2014
WP # | Title | Author(s) |
23 | Climate Change Adaptation: Lessons from Urban Economics | Matthew E. Kahn |
22 | The Role of Housing Finance in Mexico's Vacancy Crisis | Paavo Monkkonen |
21 | Can Housing Risk Be Diversified? A Cautionary Tale from the Recent Boom and Bust (revised) | John Cotter, Stuart A. Gabriel and Richard Roll |
20 | The Impact of Unconventional Monetary Policy on Real Estate Markets | Stuart A. Gabriel and Chandler Lutz |
19 | Default Option Exercise over the Financial Crisis and Beyond | Xudong An, Yongheng Deng and Stuart A. Gabriel |
18 | Housing Disparities in Southern California | Jason Harley |
17 | Between Resistance and Embrace: American Realtors, the Justice Department, and the Uncertain Triumph of the Fair Housing Act, 1968-1978 | Jonathan Zasloff |
16 | The Misunderstood Consequences of Shelley v. Kraemer | Yana Kucheva and Richard Sander |
15 | The Cost of Convenience: Estimating the Impact of Communication Antennas on Residential Property Values | Stephen L. Locke and Glenn C. Blomquist |
14 | The Great Recession and Residential Mobility: A Shift to Local Moves | Michael A. Stoll |
13 | Are Compact Cities Greener? Evidence from China, 2000-2010 | Rui Wang and Quan Yuan |
12 | A Silver Lining to White Flight? White Suburbanization and African-American Homeownership, 1940-1980 |
Leah P. Boustan and Robert A. Margo |
11 | Economic Integration and Structural Change | Jean Imbs, Claudio Montenegro and Romain Wacziarg |
10 | Agglomeration: A Dynamic Approach | W. Walker Hanlon and Antonio Miscio |
9 | Anchoring and Housing Choice: Results of a Natural Policy Experiment | Yuval Arbel, Danny Ben-Shahar, and Stuart Gabriel |
8 | Impacts of the Widening Divide: Los Angeles at the Forefront of the Rent Burden Crisis | Rosalie Ray, Paul Ong, Silvia Jimenez |
7 | External Integration, Structural Transformation and Economic Development: Evidence from Argentina 1870-1914 | Pablo Fajgelbaum and Stephen J. Redding |
6 | Government Fragmentation and Metropolitan Economic Performance: Evidence from China | Bindong Sun, Tinglin Zhang, Yinyin Cai and Rui Wang |
5 | The Impact of Consumer Credit Access on Unemployment | Kyle F. Herkenhoff |
4 | Public Transit Bus Procurement: The Role of Energy Prices, Regulation and Federal Subsidies | Shanjun Li, Matthew E. Kahn and Jerry Nickelsburg |
3 | The Impact of Emerging Climate Risks on Urban Real Estate Price Dynamics | Devin Bunten and Matthew E. Kahn |
2 | Big-Box Retailers and Urban Carbon Emissions: The Case of Wal-Mart | Matthew E. Kahn and Nils Kok |
1 | Household Demand for Low Carbon Public Policies: Evidence from California | Matthew J. Holian and Matthew E. Kahn |
2013
WP # | Title | Author(s) |
17 | The Housing Market Effects of Local Home Purchase Restrictions: Evidence from Beijing | Weizeng Sun, Siqi Zheng, David M. Geltner and Rui Wang |
16 | Is Crime Bad for Business? Crime and Commercial Property Values in New York City (revised) |
Michael C. Lens and Rachel Meltzer |
15 | Immigration, Segregation and Poverty in the U.S. | Michael A. Stoll |
14 | Does More Information Lead to More Financing? Local Information Shocks and Bank Credit |
Mark J. Garmaise and Gabriel Natividad |
13 | The Boom, the Bust, and the Future of Homeownership (revised) | Stuart A. Gabriel and Stuart S. Rosenthal |
12 | Unemployment, Negative Equity, and Strategic Default | Kristopher Gerard, Kyle F. Herkenhoff, Lee E. Ohanian and Paul S. Willen |
11 | Industry Connections and the Geographic Location of Economic Activity | W. Walker Hanlon |
10 | Moral Hazard and the Structure of Debt Contracts: the Efficiency of Non-Recourse Lending (revised) | Robert R. Bliss and Stephen D. Cauley |
9 | Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures | Elliot Anenberg and Edward Kung |
8 | The Market for OTC Derivatives | Andrew G. Atkeson, Andrea L. Eisfeldt and Pierre-Olivier Weill |
7 | Are the Disabled Less Loss Averse? New Evidence from the Housing Market | Yuval Arbel, Danny Ben-Shahar, and Stuart Gabriel |
6 | Congressional Influence As a Determinant of Subprime Lending | Stuart A. Gabriel, Matthew E. Kahn, and Ryan K. Vaughn |
5 | Is the Information Technology Revolution Over? | David M. Byrne, Stephen D. Oliner and Daniel E. Sichel |
4 | Incentivizing China's Urban Mayors to Mitigate Pollution Externalities: The Role of the Central Government and Public Environmentalism | Siqi Zheng, Matthew E. Kahn, Weizeng Sun and Danglun Luo |
3 | Commercial Building Electricity Consumption Dynamics: The Role of Structure Quality, Human Capital, and Contract Incentives | Matthew E. Kahn, Nils Kok and John M. Quigley |
2 | Does Public Transit Use Enhance the Economic Efficiency of Urban Areas? (revised) | Matthew P. Drennan and Charles M. Brecher |
1 | The Rise of the Low Carbon Consumer City | Matthew J. Holian and Matthew E. Kahn |
2012
WP # | Title | Author(s) |
18 | Do Liberal Home Owners Consume Less Electricity? A Test of the Voluntary Restraint Hypothesis | Dora L. Costa and Matthew E. Kahn |
17 | Time-to-Plan Lags for Commercial Construction Projects | Jonathan N. Millar, Stephen D. Oliner and Daniel E. Sichel |
16 | Urbanization, Agglomeration Economies, and Access to Mortgage Credit | Stuart A. Gabriel and Stuart S. Rosenthal |
15 | How Land Use Changes Contribute to Economic Growth in Urban China? A Structural Equation Analysis | He Canfei and Huang Zhiji |
14 | Explaining Racial/Ethnic Gaps in Spatial Mismatch: The Primacy of Racial Segregation | Michael A. Stoll and Kenya Covington |
13 | The Suburbanization of Housing Choice Voucher Recipients | Kenya Covington, Lance Freeman and Michael A. Stoll |
12 | Internationally Correlated Jumps | Kuntara Pukthuanthong and Richard Roll |
11 | Interest Rates and Real Estate Values: The Diverging Effects of Real Rates and Expected Inflation | Kuntara Pukthuanthong and Richard Roll |
10 | Fear and Loathing in the Housing Market: Evidence from Search Query Data | Marcelle Chauvet, Stuart A. Gabriel and Chandler Lutz |
9 | Financial Flexibility for Households | Mark J. Garmaise |
8 | Can Metropolitan Housing Risk Be Diversified? A Cautionary Tale from the Recent Boom and Bust |
John Cotter, Stuart A. Gabriel and Richard Roll |
7 | Swings in Commercial and Residential Land Prices in the United States | Joseph B. Nichols, Stephen D. Oliner and Michael R. Mulhal |
6 | The Bright Side of Corporate Diversification: Evidence from Internal Labor Markets | Geoffrey Tate and Liu Yang |
5 | Female Leadership and Gender Equity: Evidence from Plant Closure | Geoffrey Tate and Liu Yang |
4 | Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market | Yongheng Deng, Stuart A. Gabriel, Kiyohiko G. Nishimura and Diehang (Della) Zheng |
3 | Forecasting Real Estate Prices | Eric Ghysels, Alberto Plazzi, Walter Torous and Rossen Valkanov |
2 | What Actually Causes Mortgage Defaults, Redefaults, and Modifications | Kyle Herkenhoff |
1 | Decentralization and Urban Environment: A Case of Industrial Air Pollution in Chinese Cities | He Canfei |
2011
WP # | Title | Author(s) |
16 | India's Land Title Crisis: The Unanswered Questions | Jonathan Zasloff |
15 | School Desegregation and Urban Change: Evidence from City Boundaries | Leah Platt Boustan |
14 | Population Trends as a Counterweight to Central City Decline, 1950-2000 | Leah Platt Boustan and Allison Shertzer |
13 | Anchoring and Housing Choice: Results of a Natural Policy Experiment | Yuval Arbel, Danny Ben-Shahar and Stuart A. Gabriel |
12 | Integration and Contagion in Housing Markets | John Cotter, Stuart A. Gabriel and Richard Roll |
11 | Does Public Transit Use Enhance the Economic Efficiency of Urban Areas? | Matthew P. Drennan and Charles Brecher |
10 | Labor Migration, Human Capital Agglomeration and Regional Development in China (revised) | Yuming Fu and Stuart A. Gabriel |
9 | Homeownership Boom and Bust 2000 to 2009: Where Will the Homeownership Rate Go From Here? | Stuart A. Gabriel and Stuart S. Rosenthal |
8 | Understanding the Solar Home Price Premium: Electricity Generation and "Green" Social Status | Samuel Dastrup, Joshua Graff Zivin, Dora L. Costa and Matthew E. Kahn |
7 | Mitigating Undiscovered Risks | Mark J. Garmaise |
6 | Does Government Investment in Local Public Goods Spur Gentrification? Evidence from Beijing | Siqi Zheng and Matthew E. Kahn |
5 | The Effect of Homeownership on Geographic Mobility and Labor Market Outcomes | Hernan Winkler |
4 | Does Public Transit Use Enhance the Economic Efficiency of Urban Areas? | Matthew P. Drennan and Charles M. Brecher |
3 | Understanding the Solar Home Price Premium: Electricity Generation and "Green" Social Status | Samuel Dastrup, Joshua Graff Zivin, Dora L. Costa and Matthew E. Kahn |
2 | China's Rising Demand for "Green Cities": Evidence from Cross-City Real Estate Price Hedonics | Siqi Zheng, Jing Cao and Matthew E. Kahn |
1 | Household Location and Race: A Twenty-Year Retrospective | Stuart A. Gabriel and Gary D. Painter |
2010
WP # | Title | Author(s) |
19 | The Misunderstood Consequences of Shelley v. Kraemer | Yana Kucheva and Richard Sander |
18 | Moral Hazards: Special Purpose Vehicles, Bankruptcy Remoteness and Non-recourse Lending | Robert R. Bliss and Stephen D. Cauley |
17 | Adopting Local Climate Policies: What Have California Cities Done and Why? | Rui Wang |
16 | Does Public Transit Use Enhance the Economic Efficiency of Urban Areas? | Matthew P. Drennan and Charles M. Brecher |
15 | The Secret History of the Fair Housing Act | Jonathan Zasloff |
14 | Racial Segregation and Poverty | Michael A. Stoll |
13 | Income Inequality and Local Government in the United States, 1970-2000 | Leah Boustan, Fernando Ferreira, Hernan Winkler, and Eric M. Zolt |
12 | Electric Usage Information and Public and Private Incentives: A Pilot Project | Victor Chen, Magali Delmas, Robert Gilbert, Bill Kaiser, Neil Lessem |
11 | Do the GSEs Expand the Supply of Mortgage Credit? New Evidence of Crowd Out in the Secondary Mortgage Market | Stuart A. Gabriel and Stuart S. Rosenthal |
10 | Local Scale Economies in Loan Sales and Access to Mortgage Credit: 1994-2008 | Stuart A. Gabriel and Stuart S. Rosenthal |
9 | Urban Adaptation to Low Probability Shocks: Contrasting Terrorism and Natural Disaster Risk | Matthew E. Kahn |
8 | The Housing Market Effects of Discrete Land Use Regulations: Evidence from the California Coastal Boundary Zone | Matthew E. Kahn, Ryan Vaughn and Jonathan Zasloff |
7 | Energy Conservation "Nudges" and Environmentalist Ideology: Evidence from a Randomized Residential Electricity Field Experiment | Dora L. Costa and Matthew E. Kahn |
6 | Asymmetric Information, Adverse Selection, and the Pricing of CMBS | Xudong An, Yongheng Deng and Stuart A. Gabriel |
5 | Why Has California's Residential Electricity Consumption Been so Flat Since the 1980s? A Microeconometric Approach | Dora L. Costa |
4 | Urban Policy Effects on Carbon Mitigation | Matthew E. Kahn |
3 | Migration and Economic Growth in China: The Role of Knowledge and Human Capital Spillovers | Yuming Fu and Stuart A. Gabriel |
2 | Leaders, Followers and Laggards: Committing to Local Climate Actions in California | Rui Wang |
1 | Evaluating Housing Supply Elasticity in Inter-city Spatial Equilibrium: Evidence from Chinese Urban Growth | Yuming Fu, Siqi Zheng and Hongyu Liu |
2009
WP # | Title | Author(s) |
17 | Population Growth across Chinese Cities: Urban Land Expansion versus Housing Density Response to Demand Shocks | Yuming Fu, Siqi Zheng and Hongyu Liu |
16 | Housing Risk and Return: Evidence from a Housing Asset-Pricing Model | Karl Case, John Cotter and Stuart Gabriel |
15 | Demand Shocks, Strategic Defaults and the Dynamics of Commercial Real Estate Markets | Stephen Day Cauley and Andrey D. Pavlov |
14 | A Comparative Anatomy of REITs and Residential Real Estate Indexes: Returns, Risks and Distributional Characteristics | John Cotter and Richard Roll |
13 | The Greenness of Cities: Carbon Dioxide Emissions and Urban Development | Edward L. Glaeser and Matthew E. Kahn |
12 | Cities, Economic Development and the Role of Place Based Policies: Lessons for Appalachia | Matthew E. Kahn |
11 | The Cost of Terror: Effects of the Second Palestinian Intifada on Jerusalem House Prices | Yuval Arbel, Danny Ben-Shahar, Stuart Gabriel and Yossef Tobol |
10 | Is Conduit Lending to Blame? Asymmetric Information, Adverse Selection, and the Pricing of CMBS | Xudong An, Yongheng Deng and Stuart A. Gabriel |
9 | After the Honeymoon: Relationship Dynamics Between Mortgage Brokers and Banks | Mark J. Garmaise |
8 | Choose the Best Answer: Organizing Climate Change Negotiation in the Obama Administration | Jonathan Zasloff |
7 | Valuing Toxic Assets: An Analysis of CDO Equity | Francis A. Longstaff and Brett Myers |
6 | Rx for the R1: Sustaining the Neighborhood | Dana Cuff and Per-Johan Dahl |
5 | Measuring Urban Agglomeration Economies over Time with Office Rents | Matthew P. Drennan and Hugh F. Kelly |
4 | Towards a System of Open Cities in China: Home Prices, FDI Flows and Air Quality in 35 Major Cities | Siqi Zheng, Matthew E. Kahn and Hongyu Liu |
3 | Racial/Ethnic Variation in Homeowners' Financial Burdens, 2000-2007 | Theresa Firestine and Paul Ong |
2 | CDO Market Implosion and the Pricing of Subprime Mortgage-Backed Securities | Yongheng Deng, Stuart A. Gabriel and Anthony B. Sanders |
1 | Can Inclusionary Zoning be an Effective and Efficient Housing Policy? A Review of the Literature and Evidence from Los Angeles and Orange Counties | Vinit Mukhija |
2008
WP # | Title | Author(s) |
21 | Spatial Variation In Foreclosures In Los Angeles | Paul Ong and Deirdre Pfeiffer |
20 | Human Capital Accrual, Skill Complementarity, and Urban Migration: New Evidence from China | Yuming Fu and Stuart A. Gabriel |
19 | Environmentalism as a Determinant of Housing Supply Regulation | Matthew E. Kahn |
18 | Green Market Geography: The Spatial Clustering of Hybrid Vehicle and LEED Registered Buildings | Matthew E. Kahn and Ryan K. Vaughn |
17 | The Wealth-Consumption Ratio | Hanno Lustig, Stijn Van Nieuwerburgh and Adrien Verdelhan |
16 | Escape From the City? The Role of Race, Income, and Local Public Goods in Post-War Suburbanization | Leah Platt Boustan |
15 | Cities, Land Use, and the Global Commons: Genesis and the Urban Poliitics of Climate Change | Katherine Trisolini and Jonathan Zasloff |
14 | Falling Behind: California's Interior Metropolitan Areas | Michael Manville and Matthew P. Drennan |
13 | The Inclusionary Housing Experience in Southern California: An Evaluation of the Programs in Los Angeles and Orange Counties | Vinit Mukhija, Lara Regus, Sara Slovin and Ashok Das |
12 | The Judicial Carbon Tax: Reconstructing Public Nuisance and Climate Change | Jonathan Zasloff |
11 | Moral Hazard and the Structure of Debt Contracts: the Efficiency of Non-Recourse Lending | Robert R. Bliss and Stephen D. Cauley |
10 | Graduated Density Zoning | Donald Shoup |
9 | The GSEs, CRA, and Homeownership in Targeted Underserved Neighborhoods | Stuart A. Gabriel and Stuart S. Rosenthal |
8 | Value Creation through Securitization: Evidence from the CMBS Market | Xudong An, Yongheng Deng, and Stuart A. Gabriel |
7 | TODs for Southern California: Challenges and Prospects | Anastasia Loukaitou-Sideris |
6 | Production and Work In The American Metropolis: A Macroscopic Approach | Allen J. Scott |
5 | Why Has House Price Dispersion Gone Up? | Stijn Van Nieuwerburgh and Pierre-Olivier Weill |
4 | Adoption of Voluntary Environmental Standards: The Role of Signaling and Intrinsic Benefits in the Diffusion of the LEED Green Building Standards | Charles J. Corbett and Suresh Muthulingam |
3 | The Land Assembly Problem Revisited | Rohan Pitchford |
2 | Real Interest Rates, Expected Inflation, and Real Estate Returns: A Comparison of the U.S. and Canada | Kuntara Pukthuanthong-Le and Richard W. Roll |
1 | Walking the Walk: Do Green Beliefs Translate Into Green Travel Behavior? | Matthew E. Kahn and Eric Morris |
2007
WP # | Title | Author(s) |
17 | Modeling Long Memory in REITs | John Cotter and Simon Stevenson |
16 | New Evidence on Trends in the Cost of Urban Agglomeration | Matthew E. Kahn |
15 | HUD Purchase Goals and Crowd Out: Do the GSEs Expand the Supply of Mortgage Credit? | Stuart A. Gabriel and Stuart S. Rosenthal |
14 | Optimal Pricing Strategy with Price Dispersion: New Evidence from the Tokyo Housing Market | Diehand (Della) Zheng, Yongheng Deng, Stuart A. Gabriel and Kiyohiko G. Nishimura |
13 | Non-Central City Support for, and Resistance to, Affordable Housing: Evidence from Southern California | Kim Haselhoff and Paul Ong |
12 | Why Do The Poor Live in Cities? The Role of Public Transportation | Edward L. Glaeser, Mathew E. Kahn and Jordan Rappaport |
11 | Gentrification Trends in New Transit Oriented Communities: Evidence from Fourteen Cities that Expanded and Built Rail Transit Systems | Matthew E. Kahn |
10 | Land and Residential Property Markets in a Booming Economy: New Evidence from Beijing | Siqi Zheng and Matthew E. Kahn |
9 | Alternative Variance Estimators for Pricing Options | Robert Geske, Richard Roll and Yuzhao Zhang |
8 | The Cross-Sectional Dispersion of Commercial Real Estate Returns and Rent Growth: Time Variation and Economic Fluctuations | Alberto Plazzi, Walter Torous and Rossen Valkanov |
7 | Catastrophic Risk and Credit Markets | Mark J. Garmaise and Tobias J. Moskowitz |
6 | NIMBY Opposition to Housing Development in Southern California | Kim Haselhoff & Paul Ong |
5 | Liquidity, Return, and Order Flow Linkages Between REITs and the Stock Market | Avanidhar Subrahmanyam |
4 | Mobility, Residential Location, and The American Dream: The Intra-Metropolitan Geography of Minorty Home Ownership | Stuart A. Gabriel and Gary Painter |
3 | Why Real Estate Prices Don't Decline Following Demand Shocks | Stephen Day Cauley and Andrey D. Pavlov |
2 | Secondary Markets, Risk, and Access to Credit Evidence From the Mortgage Market | Stuart A. Gabriel and Stuart S. Rosenthal |
1 | Housing Wealth, Financial Wealth, and Consumption: New Evidence from Micro Data | Raphael Bostic, Stuart Gabriel and Gary Painter |