Maxence Valentin

Maxence Valentin
Cornell University | CU · SC Johnson College of Business

About

7
Publications
376
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32
Citations
Introduction
https://sites.psu.edu/maxence/ I am a PhD Candidate at the Smeal College of Business of the Pennsylvania State University. My research emphasis is real estate economics and real estate finance. I am broadly interested in the consequences of government interventions on households and the housing market.

Publications

Publications (7)
Article
This study examines the effects of regulations targeting Airbnb and other short‐term rental (STR) suppliers in the urban center of New Orleans. I show that although the new ordinances reduced participation in the STR market as intended, STR usage actually increased in the neighborhoods adjacent to areas the most affected by the regulations. I subse...
Article
This study demonstrates that loan originators extract a share of the interest deductibility subsidy through higher interest rates. It shows that borrowers who deduct mortgage interest payments pay an interest rate that is on average 11.6 basis points higher than that of otherwise similar borrowers. Consistent with a model of first-degree price disc...
Preprint
Property taxes are the primary funding mechanism by which local governments pay for public goods. In the United States, the federal income tax system provides a subsidy to this cost by allowing taxpayers to deduct property taxes on their federal income tax returns. Using local referendum approval rates, we confirm a positive relation between the de...
Preprint
Although not the primary intended beneficiary of the Mortgage Interest Deduction (MID) program, lenders capture a significant fraction of this government subsidy. This paper shows that borrowers who benefit from the MID pay on average 14.9 basis points higher interest rate than similar borrowers who do not benefit from it. This interest-gap represe...
Preprint
This study exploits the enactment of regulations targeting Airbnb and other short-term rental (STR) suppliers in New Orleans to identify its effects on market participants' behavior and housing value. I show that although new regulations reduced participation in the STR market as intended, STR usage increased in the neighborhoods adjacent to the pr...
Article
This study finds that hotel location significantly contributes to the property market value. With a sample of more than 600 hotel sales transactions within the Chicago Metropolitan Statistical Area (MSA), the theory that properties located closer to the city center, that is, the Loop, carry market value premiums is tested and supported by the data....

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