Testing for Price Anomalies in Sequential Sales
| Autor: | C. F. Sirmans, Geoffrey K. Turnbull, Joseph T. L. Ooi, Henry J. Munneke |
|---|---|
| Rok vydání: | 2018 |
| Předmět: |
TheoryofComputation_MISCELLANEOUS
Consumption (economics) Economics and Econometrics 050208 finance Economies of agglomeration business.industry 05 social sciences TheoryofComputation_GENERAL Real estate Monetary economics Unit (housing) Urban Studies Accounting 0502 economics and business Economics Price formation Estate 050207 economics business Finance Financial services |
| Zdroj: | The Journal of Real Estate Finance and Economics. 58:517-543 |
| ISSN: | 1573-045X 0895-5638 |
| DOI: | 10.1007/s11146-018-9660-5 |
| Popis: | This paper provides new evidence of sales sequence-real estate price relations in a setting in which consumption risk and completion risk are both minimized and where agglomeration economies do not pertain. The results illustrate that the monotonic declining price “afternoon effect” or rising price from increasing relative demand documented in auction settings do not extend to real estate transactions in open (non-auction) markets. Instead, we find underlying non-monotonic U-shaped and inverted U-shaped sales sequence-price relations for high-rise and mid-rise developments, respectively, when correcting for unit selectivity effects. The results represent price anomalies in that they are evident after removing the effects of previously identified factors associated with sales sequence-price relations. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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