1. Institute of Real Estate Studies, National University of Singapore, Singapore 117566;
2. Oxford-Man Institute of Quantitative Finance, University of Oxford, Oxford OX1 1HP, United Kingdom
3. Centre for Economic Policy Research, London EC1V 0DX, United Kingdom
4. Department of Economics, Harvard University, Cambridge, Massachusetts 02138;
5. National Bureau of Economic Research, Cambridge, Massachusetts 02138
6. Saïd Business School, University of Oxford, Oxford OX1 1HP, United Kingdom;