caa a22 4500 445316578 CHVBK 20180317142649.0 cr unu---uuuuu 170323e20110101xx s 000 0 eng 10.1007/s11146-009-9169-z doi (NATIONALLICENCE)springer-10.1007/s11146-009-9169-z Auction Price Formation with Costly Occupants: Evidence Using Data from the Osaka District Court [Elektronische Daten] [Takako Idee, Shinichiro Iwata, Teruyuki Taguchi] Foreclosure properties sold at Japanese judicial auctions are delivered to buyers with an unclear title when occupants exist, because the foreclosure laws protect occupants from compulsory execution of auctions. The existence of occupants theoretically affects the auction price through two channels. First, it affects the reserve price, and this changes in auction price. Second, the number of bidders changes in response to changes in the reserve price that is controlled by occupants, and this changes the auction price. Using data from the Osaka District Court, we empirically find that the existence of occupants in properties reduces the auction price through two channels. Springer Science+Business Media, LLC, 2009 Judicial auction nationallicence Foreclosure law nationallicence Occupant nationallicence Auction price nationallicence Idee Takako Faculty of Economics, Seikei University, 3-3-1 Kichijoji-Kitamachi, 180-8633, Musasino-shi, Tokyo, Japan aut Iwata Shinichiro Faculty of Economics, University of Toyama, 3190 Gofuku, 930-8555, Toyama-shi, Toyama, Japan aut Taguchi Teruyuki National Federation of Credit Guarantee Corporations, 2-1 Kanda-Tsukasamachi, Chiyoda-ku, 101-0048, Tokyo, Japan aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/1(2011-01-01), 84-98 0895-5638 42:1<84 2011 42 11146 https://doi.org/10.1007/s11146-009-9169-z text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9169-z text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Idee Takako Faculty of Economics, Seikei University, 3-3-1 Kichijoji-Kitamachi, 180-8633, Musasino-shi, Tokyo, Japan aut NATIONALLICENCE 700 1- Iwata Shinichiro Faculty of Economics, University of Toyama, 3190 Gofuku, 930-8555, Toyama-shi, Toyama, Japan aut NATIONALLICENCE 700 1- Taguchi Teruyuki National Federation of Credit Guarantee Corporations, 2-1 Kanda-Tsukasamachi, Chiyoda-ku, 101-0048, Tokyo, Japan aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/1(2011-01-01), 84-98 0895-5638 42:1<84 2011 42 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer