Peer Sentiment and Firm Production Decisions: Evidence from Homebuilders

The Journal of Real Estate Finance and Economics Pub Date : 2024-02-02 DOI:10.1007/s11146-024-09976-1

引用次数: 0

Abstract

This paper examines the effect of peer sentiment on firm production decisions using data from public homebuilders in the US. Peer sentiment is measured by the NAHB/Wells Fargo Housing Market Index, derived from a monthly survey of homebuilders’ perceptions about the housing market. A one-standard-deviation increase in the peer sentiment index induces an average builder to increase their land inventory by 6.4% (4,937 lots) and building expenses by 5.9% ($34.5 million). The effect is weaker when firms are highly divided in their opinions. Following peer sentiment does not affect stock price performance, but overbuilding is associated with a lower return-on-asset.

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同行情绪与企业生产决策：来自住宅建筑商的证据

摘要本文利用美国公共住宅建筑商的数据，研究了同行情绪对企业生产决策的影响。同行情绪由 NAHB/Wells Fargo 房地产市场指数来衡量，该指数来自对住宅建筑商对房地产市场看法的月度调查。同行景气指数每增加一个标准差，就会促使建筑商平均增加 6.4% 的土地库存（4937 块土地）和 5.9% 的建筑支出（3450 万美元）。当企业意见分歧较大时，这种影响较弱。追随同行情绪不会影响股价表现，但过度建设会降低资产回报率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

The Journal of Real Estate Finance and Economics

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