What drives the property price-trading volume correlation? Evidence from a commercial real estate market

Charles Ka Yui Leung; Dandan Feng

doi:10.1007/s11146-005-1374-9

Author(s)

Charles Ka Yui Leung
Dandan Feng

Detail(s)

Original language	English
Pages (from-to)	241-255
Journal / Publication	Journal of Real Estate Finance and Economics
Volume	31
Issue number	2
Publication status	Published - Sept 2005
Externally published	Yes

Link(s)

DOI	DOI https://doi.org/10.1007/s11146-005-1374-9 Final Published version
	Check@CityULib
Link to Scopus	https://www.scopus.com/record/display.uri?eid=2-s2.0-23844548727&origin=recordpage
Permanent Link	https://scholars.cityu.edu.hk/en/publications/publication(4c71070d-b6ad-4340-bdf5-18d680f9c9cd).html

Abstract

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 a commercial real estate market, which face a different degree of severity of capital market constraint than the residential market, and thus provide an indirect but effective test for alternative theories. Policy implications are also discussed. © 2005 Springer Science + Business Media, Inc.

Research Area(s)

Capital market imperfection, Different degree of severity, Housing price, Search, Trading volume

Citation Format(s)

[ RIS ] [ BibTeX ]

What drives the property price-trading volume correlation? Evidence from a commercial real estate market. / Leung, Charles Ka Yui; Feng, Dandan.
In: Journal of Real Estate Finance and Economics, Vol. 31, No. 2, 09.2005, p. 241-255.

Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review

Leung, CKY & Feng, D 2005, 'What drives the property price-trading volume correlation? Evidence from a commercial real estate market', Journal of Real Estate Finance and Economics, vol. 31, no. 2, pp. 241-255. https://doi.org/10.1007/s11146-005-1374-9

Leung, C. K. Y., & Feng, D. (2005). What drives the property price-trading volume correlation? Evidence from a commercial real estate market. Journal of Real Estate Finance and Economics, 31(2), 241-255. https://doi.org/10.1007/s11146-005-1374-9

Leung CKY, Feng D. What drives the property price-trading volume correlation? Evidence from a commercial real estate market. Journal of Real Estate Finance and Economics. 2005 Sept;31(2):241-255. doi: 10.1007/s11146-005-1374-9

Leung, Charles Ka Yui ; Feng, Dandan. / What drives the property price-trading volume correlation? Evidence from a commercial real estate market. In: Journal of Real Estate Finance and Economics. 2005 ; Vol. 31, No. 2. pp. 241-255.