Aydoğan Alti, Joseph Engelberg, Christopher Parsons
{"title":"信息溢出与房价","authors":"Aydoğan Alti, Joseph Engelberg, Christopher Parsons","doi":"10.2139/ssrn.1786824","DOIUrl":null,"url":null,"abstract":"We present direct evidence of information spillovers through transactions prices in real estate markets. This behavior is not explained by common shocks to housing values. The effect is strongest in homogenous markets, where the information content of price is higher. The effect is weakest among sellers expecting a nominal loss from selling, suggesting that behavioral factors may limit price-mediated information flow. Information spillovers improve liquidity, reducing time on market as much as 20%.","PeriodicalId":410291,"journal":{"name":"ERN: Analytical Models (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2011-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"6","resultStr":"{\"title\":\"Information Spillovers and House Prices\",\"authors\":\"Aydoğan Alti, Joseph Engelberg, Christopher Parsons\",\"doi\":\"10.2139/ssrn.1786824\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We present direct evidence of information spillovers through transactions prices in real estate markets. This behavior is not explained by common shocks to housing values. The effect is strongest in homogenous markets, where the information content of price is higher. The effect is weakest among sellers expecting a nominal loss from selling, suggesting that behavioral factors may limit price-mediated information flow. Information spillovers improve liquidity, reducing time on market as much as 20%.\",\"PeriodicalId\":410291,\"journal\":{\"name\":\"ERN: Analytical Models (Topic)\",\"volume\":\"50 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2011-03-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"6\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Analytical Models (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.1786824\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Analytical Models (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1786824","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We present direct evidence of information spillovers through transactions prices in real estate markets. This behavior is not explained by common shocks to housing values. The effect is strongest in homogenous markets, where the information content of price is higher. The effect is weakest among sellers expecting a nominal loss from selling, suggesting that behavioral factors may limit price-mediated information flow. Information spillovers improve liquidity, reducing time on market as much as 20%.
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