投资者规模重要吗?来自商业房地产交易的证据

ERN: Other Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets (Topic) Pub Date : 2019-10-15 DOI:10.2139/ssrn.3470384

D. Cvijanović, Stanimira Milcheva, Alex M. van de Minne

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引用次数: 2

摘要

利用一种有效的贝叶斯估计方法，集成嵌套拉普拉斯近似(INLA)，我们找到了投资者规模溢价的证据。控制投资者技能、融资约束、先前的市场知识，以及财产和时变地点特定因素和财产随机效应，我们发现，对于其他方面相同的财产，较大的买家倾向于支付相对较小的买家显著的价格溢价。债务对持有期的长短起着重要作用。这些结果指出了内在估值和议价强度的重要作用，并可以解释为什么房地产市场是高度分割的。

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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Does Investor Size Matter? Evidence from Commercial Real Estate Transactions

Employing an efficient Bayesian estimation procedure, Integrated Nested Laplace Approximation (INLA), we find evidence of Investor Size Premium. Controlling for investor skill, financing constraints, and prior market knowledge, as well as property and time-varying location specific factors and property random effects, we find that larger buyers tend to pay a significant price
premium relative to smaller buyers, for the otherwise identical property. Debt plays a role for the length of the holding period. These results point to a significant role of intrinsic valuations and the role of bargaining intensity and can explain why real estate markets are highly segmented.

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ERN: Other Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets (Topic)

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