1. Department of Real Estate, National University of Singapore, Singapore 117566; Centre for Economic Policy Research, London EC1V 0DX; and Institute of Real Estate Studies, Singapore 119613
2. Department of Economics, Harvard University, Cambridge, Massachusetts 02138; and National Bureau of Economic Research, Cambridge, Massachusetts 02138
3. Centre for Economic Policy Research, London EC1V 0DX; National Bureau of Economic Research, Cambridge, Massachusetts 02138; and Imperial College London, South Kensington Campus, London SW7 2AZ