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Shooting Down the Price: Evidence from Massive Shootings and Retail Property Values

Jamie Chung

Journal of Real Estate Finance and Economics2026https://doi.org/10.1007/s11146-025-10034-7article
AJG 3ABDC A
Weight
0.50

Abstract

This paper investigates the impact of massive shooting incidents on local retail property values. Using a difference-in-differences approach, we find that retail properties located near gun violence incidents experience an average devaluation of approximately 10% compared to their counterparts located farther away. Notably, when gun violence occurs within a retail establishment, the devaluation effect is more pronounced. The extent of the price reduction varies based on several factors such as the severity of the incidents, the community’s stance on firearms, and the level of media attention. Furthermore, we provide evidence that information asymmetry among investors can play a critical role in price distortions associated with gun-related crimes. However, the price discount persists in the short term, suggesting that the local retail market gradually recovers as public attention diminishes.

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https://doi.org/https://doi.org/10.1007/s11146-025-10034-7

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@article{jamie2026,
  title        = {{Shooting Down the Price: Evidence from Massive Shootings and Retail Property Values}},
  author       = {Jamie Chung},
  journal      = {Journal of Real Estate Finance and Economics},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1007/s11146-025-10034-7},
}

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Shooting Down the Price: Evidence from Massive Shootings and Retail Property Values

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.