Figure 1.
The causal path of interest connects B T R status, institutional ownership as a binary variable, with asking rent, measured as log weekly rent in dollars per week, through the B T R coefficient from O L S. Unobserved confounders include finish quality, reputation, and tenant profile, with confounding paths to B T R status and asking rent. Observable controls include size, floor, age, location, and amenities, with partial control paths to B T R status and asking rent.Directed acyclic graph (DAG): identification challenges
Source: The authors