Testing Alternative Theories of Property Price-Trading Volume With Commercial Real Estate Market Data

Topics:
Real Estate Services,
Regulations
Tags:
Business Operations,
Real Estate,
Policy Implication,
Investment,
Financial Services,
Finance,
Commercial Real Estate,
Chinese University Of Hong Kong,
Capital Market,
Theory
Source:
Chinese University of Hong Kong

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Overview: The significant price-trading volume correlation found in the residential property market presents a challenge to the rational expectation hypothesis. Existing theories account for this fact with either capital market imperfection (down-payment effect or loss-aversion consideration) or imperfect information (search theoretic models). This paper employs data from both the sale and the rental commercial real estate market, which face different degrees of severity of capital market constraint and thus provide an indirect but effective test for alternative theories. Policy implications are also discussed.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: PDF | Size: 197KB | Date: Feb 2004 | Pages: 48

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