1. University of California, Los Angeles, La Kretz Hall, 3rd Floor, Los Angeles, CA 90095 and National Bureau of Economic Research (NBER) and Institute for the Study of Labor (IZA) (e-mail: )
2. Department of Real Estate, National University of Singapore, 4 Architecture Drive, Singapore 117566 (e-mail: )
3. Institute of High Performance Computing, A*STAR, 1 Fusionopolis Way, #16-16 Connexis, Singapore, 138632 and Institute of Real Estate Studies, National University of Singapore, 21 Heng Mui Keng Terrace, #04-02 I-Cube Building, Singapore, 119613 (e-mail: )