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Motivated Sellers & Predatory Buyers

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Figure 3a and 3b illustrate pprice continuously falls with the duration. We emphasize that an individual transaction price trajectory ispiecewise ‡at with a discontinuous drop fromexpectedis not a distressed sale, because there is not su¢cient time where t
Figure 5: The pdf �; the time on the market TOM and the pro…t loss z13

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