Speculative Investors and Tobin's Tax in the Housing Market
---- Acknowledgements -----
The authors thank Sumit Agarwal, Yakov Amihud, Ekkehart Boehmer, Michael Brennan, Darwin Choi, William Cheung, Sarah Daway, Kathryn Dominguez, Mark Flannery, Lu Han, Alexander Ljungqvist, Andy Naranjo, Andrew Rose, Will Strange, Luigi Zingales and participants at the 2013 NBER EASE meeting, 2013 ABFER meeting, 2012 Chinese International Finance Conference, 2012 AREUEA meeting, seminar participants at NUS, University of Cincinnati and University of Florida for helpful discussions. Wenlan Qian gratefully acknowledges financial support from IMAS-CAMRI Applied Finance Research Grant. Any errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.