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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.58,Issue4,P.517-543

语言

英文

关键字

Afternoon effect; Sequential sales; Price formation; Selectively bias

作者单位

[Munneke, Henry J.] Univ Georgia, Dept Ins LS RE, Athens, GA 30602 USA. [Ooi, Joseph T. L.] Natl Univ Singapore, Dept Real Estate, Singapore, Singapore. [Sirmans, C. F.] Florida State Univ, Dept Risk Mgt Insurance Real Estate & Bus Law, Tallahassee, FL 32306 USA. [Turnbull, Geoffrey K.] Univ Cent Florida, Dr P Phillips Sch Real Estate, Orlando, FL 32816 USA. Munneke, HJ (reprint author), Univ Georgia, Dept Ins LS RE, Athens, GA 30602 USA. E-Mail: hmunneke@uga.edu; rstooitl@nus.edu.sg; sirmanscf@gmail.com; Geoffrey.Turnbull@ucf.edu

摘要

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.