國立虎尾科技大學 |

Spatial Patterns of Volatility and Return on Investment in Real Estate and Labor Markets.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Spatial Patterns of Volatility and Return on Investment in Real Estate and Labor Markets./
作者:	Maloney, Maeve.
面頁冊數:	1 online resource (127 pages)
附註:	Source: Dissertations Abstracts International, Volume: 84-12, Section: A.
Contained By:	Dissertations Abstracts International84-12A.
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9798379708535

Spatial Patterns of Volatility and Return on Investment in Real Estate and Labor Markets.
Maloney, Maeve.

Spatial Patterns of Volatility and Return on Investment in Real Estate and Labor Markets. - 1 online resource (127 pages)

Source: Dissertations Abstracts International, Volume: 84-12, Section: A.

Thesis (Ph.D.)--Syracuse University, 2023.

Includes bibliographical references

This dissertation is comprised of two essays on the spatial patterns and economic consequences of volatility in two highly related markets. The first looks at spatial variation of home price volatility and related investor exposure to risk across and within metropolitan areas, finding that they contribute to sustained differences in housing returns at both levels of geography. The second turns to the labor market and returns to high-skilled married women's investment in education. Here volatility is in terms of daily variation in travel time due to congestion. I find that commute volatility has an adverse effect on both the likelihood of labor market participation as well as the quality of job matches for those who are employed. The first chapter is motivated by a new stylized fact: in large urban areas, home prices appreciate faster in city centers and generally in more densely developed locations. This echoes a similar pattern across cities with more supply constrained locations experiencing higher returns. Supply constraints amplify unobserved shocks contributing to investor exposure to risk which in equilibrium should be met with higher expected returns. Using a housing-oriented Capital Asset Pricing Model housing risk is decomposed into a systematic and location specific component. We find that while differences in risk across locations contribute to differences in returns, the dominant source of risk varies across geographic levels. Within urban areas, location-specific risk is most important, while across cities, systematic risk dominates. Previous literature has focused on spatial variation in house price levels due to differences in local advantages. These findings indicate that spatial differences in home price appreciation can also persist in equilibrium. The second paper starts with a puzzle. While large urban areas should enhance labor market opportunities, married women's labor force participation decreases with metropolitan size. Large urban areas are also subject to more congestion and related commute volatility which is particularly costly for married women who are disproportionately responsible for household tasks such as running errand and chauffeuring children. I consider the effect of commute volatility on two labor market outcomes, participation and quality of the job match where job match quality is measured as whether an individual with a professional degree (e.g. Doctor of Medicine, Juris Doctor, Doctor of Veterinary Medicine) is working in a professional occupation (e.g. physician, lawyer, veterinarian). Previous work on women's labor force participation has focused on the role of commute time. New in this paper, I find that commute volatility more so than commute time discourages participation perhaps because long, but predictable commutes can be planned around while variable commutes are harder to manage. However, I find evidence that both commute time and volatility affect job choice as either may induce women to limit their search radius or favor job flexibility over match quality. Finally, while I cannot perfectly rule out the possibility of sorting, the direction of sorting incentives suggests that commute volatility adversely affects married women's labor force outcomes either directly or by inducing them to locate in lower amenity but less-congested cities like Detroit, Pittsburgh, and Cleveland.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798379708535Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Urban areasIndex Terms--Genre/Form:

554714
Electronic books.

Spatial Patterns of Volatility and Return on Investment in Real Estate and Labor Markets.
LDR:04792ntm a22004097 4500 001 1147417
005 20240918072803.5
006 m o d
007 cr bn ---uuuuu
008 250605s2023 xx obm 000 0 eng d
020 $a 9798379708535
035 $a (MiAaPQ)AAI30420087
035 $a AAI30420087
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Maloney, Maeve. $3 1473149
245 1 0 $a Spatial Patterns of Volatility and Return on Investment in Real Estate and Labor Markets.
264 0 $c 2023
300 $a 1 online resource (127 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertations Abstracts International, Volume: 84-12, Section: A.
500 $a Advisor: Rosenthal, Stuart.
502 $a Thesis (Ph.D.)--Syracuse University, 2023.
504 $a Includes bibliographical references
520 $a This dissertation is comprised of two essays on the spatial patterns and economic consequences of volatility in two highly related markets. The first looks at spatial variation of home price volatility and related investor exposure to risk across and within metropolitan areas, finding that they contribute to sustained differences in housing returns at both levels of geography. The second turns to the labor market and returns to high-skilled married women's investment in education. Here volatility is in terms of daily variation in travel time due to congestion. I find that commute volatility has an adverse effect on both the likelihood of labor market participation as well as the quality of job matches for those who are employed. The first chapter is motivated by a new stylized fact: in large urban areas, home prices appreciate faster in city centers and generally in more densely developed locations. This echoes a similar pattern across cities with more supply constrained locations experiencing higher returns. Supply constraints amplify unobserved shocks contributing to investor exposure to risk which in equilibrium should be met with higher expected returns. Using a housing-oriented Capital Asset Pricing Model housing risk is decomposed into a systematic and location specific component. We find that while differences in risk across locations contribute to differences in returns, the dominant source of risk varies across geographic levels. Within urban areas, location-specific risk is most important, while across cities, systematic risk dominates. Previous literature has focused on spatial variation in house price levels due to differences in local advantages. These findings indicate that spatial differences in home price appreciation can also persist in equilibrium. The second paper starts with a puzzle. While large urban areas should enhance labor market opportunities, married women's labor force participation decreases with metropolitan size. Large urban areas are also subject to more congestion and related commute volatility which is particularly costly for married women who are disproportionately responsible for household tasks such as running errand and chauffeuring children. I consider the effect of commute volatility on two labor market outcomes, participation and quality of the job match where job match quality is measured as whether an individual with a professional degree (e.g. Doctor of Medicine, Juris Doctor, Doctor of Veterinary Medicine) is working in a professional occupation (e.g. physician, lawyer, veterinarian). Previous work on women's labor force participation has focused on the role of commute time. New in this paper, I find that commute volatility more so than commute time discourages participation perhaps because long, but predictable commutes can be planned around while variable commutes are harder to manage. However, I find evidence that both commute time and volatility affect job choice as either may induce women to limit their search radius or favor job flexibility over match quality. Finally, while I cannot perfectly rule out the possibility of sorting, the direction of sorting incentives suggests that commute volatility adversely affects married women's labor force outcomes either directly or by inducing them to locate in lower amenity but less-congested cities like Detroit, Pittsburgh, and Cleveland.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Womens studies. $3 1372829
653 $a Urban areas
653 $a Labor force
653 $a Labor market
653 $a Married women
653 $a Professional occupation
655 7 $a Electronic books. $2 local $3 554714
690 $a 0501
690 $a 0510
690 $a 0453
690 $a 0508
710 2 $a Syracuse University. $b Economics. $3 1471504
710 2 $a ProQuest Information and Learning Co. $3 1178819
773 0 $t Dissertations Abstracts International $g 84-12A.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30420087 $z click for full text (PQDT)