Do corporations sell houses for less? A test of housing market efficiency

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Abstract
This paper examines the popular notion that houses sold by corporations as a part of the employee relocation process sell at a discount. We argue that such discounts conradict the notion of an efficient market in which indentical houses have the same expected sales price. We test for corporate–individual owned house price homogeneity using data from a metropolitan area in the US. The evidence supports our ‘single price’ hypothesis: corporate houses do not sell for less than they would if sold by individuals.