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作者

SeungHan Ro;Paul Gallimore;Sherwood Clements;Gang-Zhi Fan

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.59,Issue2,P.272-294

语言

英文

关键字

Herding;Building permit;Residential development

作者单位

Department of Real Estate StudiesKonkuk UniversitySeoulSouth Korea;School of Real Estate & Planning, Henley Business SchoolUniversity of ReadingReadingUK;Department of Economics, Finance and Legal Studies, Culverhouse College of BusinessUniversity of AlabamaTuscaloosaUSA;School of Management, Guangzhou Higher Education Mega CenterGuangzhou UniversityGuangzhouChina

摘要

We investigate whether US real estate developers display herding in their building permit seeking behavior. We measure herding over the period 1988 through 2011 by applying to permit issuances measures previously used in studies of stock herding. We find evidence of herding at levels comparable to those found in studies involving common-stock trading. Developer herding is also stronger in up markets, than in down markets. This is consistent with up market buoyancy constraining the availability of reliable, independent information, which reinforces the tendency to follow the behavior of others.