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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.57,Issue3,P.431-475

语言

英文

关键字

Housing rental yield; Turnover rate; Bootstrap; Leave-one-out cross-validation; Matching estimator; 3-stage least squares; COMMERCIAL REAL-ESTATE; HOUSING-MARKET; QUALITY; MODEL; HOMEOWNERSHIP; UNEMPLOYMENT; LIQUIDITY; GROWTH; CAPITALIZATION; EQUILIBRIUM

作者单位

[Huang, Daisy J.] Southwestern Univ Finance & Econ, Res Inst Econ & Management, 55 Guanghuacun St, Chengdu 610074, Sichuan, Peoples R China. [Leung, Charles Ka Yui] City Univ Hong Kong, Dept Econ & Finance, Kowloon Tong, Hong Kong, Peoples R China. [Tse, Chung-Yi] Univ Hong Kong, Sch Econ & Finance, Pokfulam, Hong Kong, Peoples R China. Huang, DJ (reprint author), Southwestern Univ Finance & Econ, Res Inst Econ & Management, 55 Guanghuacun St, Chengdu 610074, Sichuan, Peoples R China.; Leung, CKY (reprint author), City Univ Hong Kong, Dept Econ & Finance, Kowloon Tong, Hong Kong, Peoples R China.; Tse, CY (reprint author), Univ Hong Kong, Sch Econ & Finance, Pokfulam, Hong Kong, Peoples R China. E-Mail: daisy.vspe@gmail.com; kycleung@cityu.edu.hk; tsechung@econ.hku.hk

摘要

We build an on-the-house search model and show that two frequently used metrics for the housing market, the rent-to-price ratio (or rental yield) and the turnover rate, are jointly determined in equilibrium. We, therefore, estimate a simultaneous equations system on matched sale-rental pairs, as a housing unit cannot be owner-occupied and renter-occupied at the same time. We confirm that a higher turnover rate is associated with a lower rental yield. We also identify a form of dichotomy in empirical determinants of rental yields and turnover rates at the estate level: the demographic structure and past returns affect an estate's turnover rate, while popularity, human capital, mortgage burdens, and long-run rent growth determine its rental yield. The robustness of our results is established through a series of tests. Our popularity index for 130 estates in Hong Kong, estate rankings, and the brand premia of major real estate developers may carry independent interests.