Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 12, 2019 erstellt
Description:
We provide a new framework for using text as data in empirical models. The framework identifies salient information in unstructured text that can control for multidimensional heterogeneity among assets. We demonstrate the efficacy of the framework by re-examining principal-agent problems in residential real estate markets. We show that the agent-owned premiums reported in the extant literature dissipate when the salient textual information is included. The results suggest the previously reported agent-owned premiums suffer from an omitted variable bias, which prior studies incorrectly ascribe to market distortions associated with asymmetric information