This study examines how information friction shapes housing market outcomes in Beijing, China. Leveraging administrative micro-level housing resale transactions, we employ a boundary discontinuity design and difference-in-differences model to explore the consequences of prohibiting school-district-quality information disclosure in online listings. Our results show that the prohibition leads to a 2.55% reduction in transaction prices and a 22.99% increase in seller's time on the market for houses corresponding to key primary schools. The extended time on the market is primarily attributed to the heightened challenges that potential buyers face in finding their ideal dwellings.

This paper investigates the consequences of liquidation and reorganization on the allocation and subsequent utilization of assets in bankruptcy. Using the random assignment of judges to bankruptcy cases as a natural experiment that forces some firms into liquidation, we find that the long-run utilization of assets of liquidated firms is lower relative to assets of reorganized firms. These effects are concentrated in thin markets with few potential users, and in areas with low access to finance. The results highlight the importance of local search frictions and financial frictions in affecting the allocation of assets in bankruptcy.