Misinformed Speculators and Mispricing in the Housing Market
---- Acknowledgements -----
Vivek Sampathkumar, Daniel Hubbard, Laura Vincent, and James Witkin provided dedicated research assistance. We thank Viral Acharya, Xavier Gabaix, Ed Glaeser, Robin Greenwood, Gur Huberman, Aurel Hizmo, Andrew Paciorek (discussant), Tomasz Piskorski, Alexi Savov, Chester Spatt (discussant), David Sraer (discussant), Jeremy Stein, Johannes Stroebel (discussant), Stijn Van Nieuwerburgh, Reed Walker, and Jeff Wurgler as well as seminar participants at Harvard Business School, NYU Stern, Columbia Business School, the NBER Behavioral Finance/Housing Bubbles joint session, the NBER Conference Project on Housing and the Financial Crisis, the Federal Reserve Bank of Cleveland, AEA/ASSA, and Riksbank for extremely helpful comments and suggestions. We are grateful for Dataquick, 1010data, and an anonymous firm for providing data and assistance that were crucial for this project. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.