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Saving Shocks, House Prices and Limited Access to Investment in Local Publicly Traded Firms

Oppegaard, Ola; Thompson, Fredrik
Master thesis
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URI
https://hdl.handle.net/11250/3039379
Date
2022
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  • Master of Science [1823]
Abstract
In this thesis, we examine the relationship between stock market investment and real

estate investment, with roots in the Home bias theory. We explore in detail, the

connection between house price growth in states and areas defined by 3-digit zip-codes in

the U.S. and the number of local publicly traded firms. Our thesis uses the Covid-19

pandemic induced saving shock and demonstrates how house prices in areas with a high

number of local publicly traded firms tend to rise less compared to house prices in areas

with a low number of local publicly traded firms.

In our analysis, we utilise quarterly panel data for both states and areas defined

by 3-digit zip-codes, and use a binary- and continuous treatment difference-in-differences

model. First, we find a negative relationship between changes in house prices and the

number of local publicly traded firms. These findings are in line with existing literature

and supports our hypotheses. We also find that the saving shock during the Covid-19

pandemic led to a higher difference in house price growth between zip codes with a

high/above median number of headquarters and the low/below headquartered ZIPs.

There are mild pre-trends in the data, suggesting our findings may be influenced by

pre-existing trends. However, on a general basis we observe a stronger effect after the

Covid-19 shock than the pre-trends suggest which supports an increased effect in the

savings shock period.
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Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2022
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Handelshøyskolen BI

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