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作者

Scott Gibson;Michael J. Seiler;Eric Walden

来源

REAL ESTATE ECONOMICS,Vol.47,Issue4,P.1119-1162

语言

英文

关键字

作者单位

Department of Finance, The College of William & Mary, Raymond A. Mason School of Business, P.O. Box 8795, Williamsburg, VA, 23187‐8795;Department of Finance, The College of William & Mary, Raymond A. Mason School of Business, P.O. Box 8795, Williamsburg, VA, 23187‐8795;Texas Tech University, College of Business, Lubbock, TX, 79409

摘要

Starting with the premise that realization utility theory helps explain trading behavior, this study combines a carefully crafted experimental design with functional magnetic resonance imaging technology to offer a more inclusive examination of factors that affect REIT trading behavior beyond whether a REIT is simply trading up or down. We add to the nascent field of neurological real estate by finding that local gains/loss domains are more relevant than are global gain/loss considerations, financial skewness is a significant determinant of trading behavior, and that performance inside the REIT market influences how hard subjects think when performing tasks outside the market.