{"title":"商业地产资产价格空间依赖的行为解释","authors":"P. Das, P. Sinha, J. Freybote, Roland Fuess","doi":"10.15396/eres2019_29","DOIUrl":null,"url":null,"abstract":"In this study we provide a behavioral explanation for spatial dependence in commercial property asset pricing. We analyze nearly 6000 hotel transactions in the US between 2001 and 2016 applying temporal spatial autoregression with autoregressive error (T-SARAR) models to test the behavioral explanation. We show that the spatial lags are partially driven by behavioral biases whereas the spatial errors do not exhibit a distinct pattern of association with market conditions which are known to influence the investor behavior. In particular, spatial lags influence future transactions the most when irrational sentiments are the lowest (during periods of unexplained pessimism) or when the rational financial market anxiety is the highest (during periods of economic turmoil).","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"5 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"A Behavioral Explanation to Spatial Dependencies in Commercial Real Estate Asset Prices\",\"authors\":\"P. Das, P. Sinha, J. Freybote, Roland Fuess\",\"doi\":\"10.15396/eres2019_29\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In this study we provide a behavioral explanation for spatial dependence in commercial property asset pricing. We analyze nearly 6000 hotel transactions in the US between 2001 and 2016 applying temporal spatial autoregression with autoregressive error (T-SARAR) models to test the behavioral explanation. We show that the spatial lags are partially driven by behavioral biases whereas the spatial errors do not exhibit a distinct pattern of association with market conditions which are known to influence the investor behavior. In particular, spatial lags influence future transactions the most when irrational sentiments are the lowest (during periods of unexplained pessimism) or when the rational financial market anxiety is the highest (during periods of economic turmoil).\",\"PeriodicalId\":152375,\"journal\":{\"name\":\"26th Annual European Real Estate Society Conference\",\"volume\":\"5 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"1900-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"26th Annual European Real Estate Society Conference\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.15396/eres2019_29\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"26th Annual European Real Estate Society Conference","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.15396/eres2019_29","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
A Behavioral Explanation to Spatial Dependencies in Commercial Real Estate Asset Prices
In this study we provide a behavioral explanation for spatial dependence in commercial property asset pricing. We analyze nearly 6000 hotel transactions in the US between 2001 and 2016 applying temporal spatial autoregression with autoregressive error (T-SARAR) models to test the behavioral explanation. We show that the spatial lags are partially driven by behavioral biases whereas the spatial errors do not exhibit a distinct pattern of association with market conditions which are known to influence the investor behavior. In particular, spatial lags influence future transactions the most when irrational sentiments are the lowest (during periods of unexplained pessimism) or when the rational financial market anxiety is the highest (during periods of economic turmoil).
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