What drives the property price-trading volume correlation? Evidence from a commercial real estate market
Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
Author(s)
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 - Sep 2005 |
| Externally published | Yes |
Link(s)
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)
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, 22, 62) › 21_Publication in refereed journal › peer-review
