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RFS Advance Access originally published online on August 11, 2003
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Rev Fin 2004; 17:405-437
The Review of Financial Studies Vol. 17, No. 2, pp. 405–437 © 2004 The Society for Financial Studies; all rights reserved.

Confronting Information Asymmetries: Evidence from Real Estate Markets

Mark J. Garmaise
Anderson School, University of California, Los Angeles

Tobias J. Moskowitz
University of Chicago and NBER

Address correspondence to Tobias Moskowitz, Graduate School of Business, University of Chicago, 1101 E. 58th St., Chicago, IL 60637, or e-mail: tobias.moskowitz{at}gsb.uchicago.edu.

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, trading properties with long income histories, and avoiding transactions with informed professional brokers. The evidence that the choice of financing is used to address information concerns is mixed and weak.


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