共查询到20条相似文献,搜索用时 62 毫秒
1.
Terrence M. Clauretie Nasser Daneshvary 《The Journal of Real Estate Finance and Economics》2008,37(2):147-161
In the real estate market the seller/agent relationship changes over the course of the listing contract. As the contract expiration
nears, brokers may increase efforts generating more potential buyers and, perhaps, a higher offered price. Brokers may also
persuade the seller to reduce the reservation price. These two aspects have different implications for the selling price of
the property. Employing a sample of 24,100 properties sold in Clark County, Nevada, we investigate the relationship between
the selling price and the time-to-expiration of the listing contract. We find that prices are lower if the property is sold
near the expiration of the listing contract, indicating that the price-reduction effect dominates the broker-effort effect.
相似文献
Terrence M. ClauretieEmail: |
2.
Ronald C. Rutherford Thomas M. Springer Abdullah Yavas 《The Journal of Real Estate Finance and Economics》2007,35(1):23-38
Previous research (Rutherford et al. 2005; Levitt and Syverson 2005) identify and quantify agency problems in the brokerage of single-family houses. Real estate agents are found to receive
a premium when selling their own houses in comparison to similar client-owned houses. Given the homogeneity of the condominium
market in comparison to the single-family house market, we use a large sample of condominium transactions to examine if agency
problems exist in the condominium market. Controlling for sample selection and endogeneity bias of the data, we find evidence
for a similar price premium for agent-owned condominiums. In contrast to the results for single-family houses in the same
geographic market, we find that agent-owned condominiums must stay on the market longer to receive a higher price.
相似文献
Abdullah YavasEmail: |
3.
Velma Zahirovic-Herbert Geoffrey K. Turnbull 《The Journal of Real Estate Finance and Economics》2008,37(2):113-130
This paper develops an empirical framework for taking into account the effects of endogenous liquidity on price capitalization
estimates. Changes in school attendance zones in the East Baton Rouge Parish public school district provide a natural experiment
for studying how changes in school characteristics affect house prices and liquidity. House price and selling time, or liquidity,
are simultaneously determined in search markets. The empirical model exploits variation in the surrounding neighborhood market
conditions pertinent to each house to identify the system of price and liquidity equations. The estimates are consistent with
search-market theory in that liquidity absorbs part of the capitalization of school quality.
相似文献
Velma Zahirovic-HerbertEmail: |
4.
This study attempts to shed some light on the extent of non-realtor broker listings on the MLS and their resulting price and time-on-the markets effects. Using duration, probit and selling
price models, this study empirically examines whether the REALTOR designation provides a signal of quality that is reflected
in the price and time on the market for sellers. Results indicate that properties listed by non-realtors on the MLS setting sell at lower prices, take slightly longer to sell, and are less likely to sell than properties listed
by REALTORs in a MLS setting. Working with a REALTOR in a MLS setting appears to be advantageous to the seller.
相似文献
Ronald RutherfordEmail: |
5.
Hemang Desai Srinivasan Krishnamurthy Kumar Venkataraman 《Review of Accounting Studies》2006,11(1):71-90
We study the behavior of short sellers around earnings restatements. We find that short sellers accumulate positions in restating
firms several months in advance of the restatement and subsequently unwind these positions after the drop in share price induced
by the restatement. The increase in short interest is larger for firms with high levels of accruals prior to restatement.
We document that heavily shorted firms experience poor subsequent performance and a higher rate of delisting. Overall, these
results suggest that the motive for short selling is, at least in part, related to suspect financial reporting and that short
sellers pay attention to information being conveyed by accruals.
相似文献
Hemang DesaiEmail: Phone: +1-214-768-3185 |
6.
We find no evidence of accrual mispricing for firms that disclose accrual information at earnings announcements. For these
firms, the market differentiates the discretionary from the nondiscretionary components of the earnings surprise. In contrast,
the market fails to distinguish between the discretionary and the nondiscretionary components of the earnings surprise for
firms that do not disclose accrual information at earnings announcements. These firms experience some stock price correction
around the filing date. However, the correction is only partial, resulting in a post-filing drift.
相似文献
Henock LouisEmail: |
7.
C. Charles Okeahalam 《Journal of Financial Services Research》2008,33(3):147-162
I assess the impact of bancassurance on the price of retail financial services. I find that service fees in a product bundle
increase less than proportionally to the number of services; that an increase in the number of clients in each product bundle
market reduces fees by 1.5%; that the degree of competition in the markets of each bundle also reduces fees; that premium
products have higher average costs; and finally, that cross-holdings reduce prices by about 5% and bancassurance reduces prices
by just over 6%. The price reduction declines if both strategies are combined.
相似文献
C. Charles OkeahalamEmail: |
8.
Terrence F. Martell Gwendolyn P. Webb 《Review of Quantitative Finance and Accounting》2008,30(3):253-279
An unusually high number of Nasdaq National Market stocks were reverse split following the decline in Nasdaq prices in the
year 2000. We test whether these splits were driven by the overall market decline. We find that the performance of stocks
with reverse splits in poor overall stock market conditions is better (less negative) than that in good market conditions,
and that the differences in performance appear three to five months after the split. This suggests that the longer-term outcomes
of reverse stock splits are associated with the market environment at the time of the split. In view of this, changes that
Nasdaq made to relax some of its listing standards are well justified.
相似文献
Gwendolyn P. WebbEmail: |
9.
Christoph Hinkelmann Steve Swidler 《The Journal of Real Estate Finance and Economics》2008,36(1):37-52
This paper examines the use of futures contracts to hedge residential real estate price risk. We examine whether existing
futures contacts can effectively be used to offset volatility in national house prices. Little evidence of any simple systematic
relation between national prices and futures prices is found. Since house prices are not easily replicated with a portfolio
of existing futures contracts, a further implication is that the Chicago Mercantile’s introduction of a financial asset whose
value reflects house prices will help complete the market. Nevertheless, the success of the CME’s new derivative contracts
may be limited in light of state and regional house price correlations.
相似文献
Steve Swidler (Corresponding author)Email: |
10.
Pricing Structure in Tokyo Metropolitan Land Markets and its Structural Changes: Pre-bubble,Bubble, and Post-bubble Periods 总被引:1,自引:0,他引:1
Chihiro Shimizu Kiyohiko G. Nishimura 《The Journal of Real Estate Finance and Economics》2007,35(4):475-496
In this paper, we estimate hedonic price equations of Japanese commercial and residential land prices for a 25-year period
and to investigate possible structural changes in these price equations. Our price equations are based on transaction prices,
not appraised land values, of commercial land in Central Business Districts of Tokyo (Chiyoda Ward, Chuo Ward, and Minato
Ward), and residential land of its suburb (Setagaya Ward). We find that price structure differs substantially among locations,
reflecting differences in supplier pricing and end-user preferences. We also find significant structural changes in price
structure, identifying pre-bubble, bubble and post-bubble periods.
相似文献
Chihiro ShimizuEmail: |
11.
The Structure of Chinese Urban Land Prices: Estimates from Benchmark Land Price Data 总被引:1,自引:0,他引:1
Rui Wang 《The Journal of Real Estate Finance and Economics》2009,39(1):24-38
Taking the recent benchmark land prices published by the Chinese city governments, the paper estimates commercial and residential
land price curves of Chinese cities using cross-sectional data, controlling for urban population size and income level. The
urban land leasing price–distance relationship is estimated based on the argument that monocentric urban structure is representative
for Chinese cities. Both population size and income level are found to positively affect urban land price and price–distance
gradients. Commercial land prices are higher than residential land prices except in suburbs or outer central urban areas,
where the land prices of different uses converge. In most situations, commercial use price gradients are larger than those
of residential use.
相似文献
Rui WangEmail: |
12.
Seow Eng Ong Poh Har Neo Yong Tu 《The Journal of Real Estate Finance and Economics》2008,36(3):265-287
Where borrowers are personally liable for shortfalls when they default on their mortgages, lenders have to exercise a duty
of good faith in securing a reasonable value for the foreclosed property. The lender is entitled to recover the outstanding
loan as quickly as possible, and is not bound to sell the foreclosed property at the highest price. Such an institutional
setting allows us to study lender and borrower behavior, specifically the influence of price expectations, volatility and
equity losses on foreclosure transactions using non-foreclosure transactions as a comparison. Our results show that differences
in seller response to market expectations and equity losses exist across foreclosure and non-foreclosure transactions. Seller
behavior matters. While price expectations, volatility and equity losses are influential factors for individual households,
past price movements is the most important. This study also further seeks to distinguish loss aversion from disposition effect.
By controlling for properties that suffered losses in equity but did not sell, we are able to examine the disposition effect
in house owners. The result shows that there is disposition effect for non-foreclosure properties, where individual homeowners
are reluctant to sell if the properties suffer losses.
相似文献
Seow Eng OngEmail: |
13.
Existing literature on housing prices is predominantly in a linear framework, and an important question that has not been
addressed is whether housing prices exhibit nonlinearity. We examine Smooth Transition Autoregressive (STAR) model based nonlinear
properties of housing prices over the 1969–2004 period for the entire US and the four regions. Our main findings are (1) housing
price for the entire US and all regions except for the Midwest show non-linearity, (2) the dynamic properties implied by the
nonlinear estimation explain the typical patterns that have characterized each housing market, and (3) results of Granger
causality tests look more plausible in the nonlinear framework where we find stronger evidence of Granger causality from housing
price to employment and also from mortgage rates to housing price.
相似文献
Radha Bhattacharya (Corresponding author)Email: |
14.
An empirical assessment of the premium associated with meeting or beating both time-series earnings expectations and analysts’ forecasts 总被引:2,自引:2,他引:0
Nicholas Dopuch Chandra Seethamraju Weihong Xu 《Review of Quantitative Finance and Accounting》2008,31(2):147-166
Recent research provides evidence of a market premium accruing to firms that meet or beat analysts’ forecasts. We find similar
results for our sample of firms. However, we also find a market premium for firms that meet or beat time-series forecasts,
and that the highest market premium accrued to firms that meet or beat both analysts’ and time-series forecasts. These findings
are supported by assessments of future financial performance over the next two subsequent years. Our findings are consistent
with the notion that when time-series benchmark is used in conjunction with analysts’ forecasts, investors obtain a more reliable
(i.e., less noisy) signal regarding whether firms have actually met or beaten market expectations.
相似文献
Weihong Xu (Corresponding author)Email: |
15.
Apostolos Dasilas 《Financial Markets and Portfolio Management》2009,23(1):59-91
This paper examines the ex-dividend stock price and trading volume behavior in the Greek stock market for the period 2000–2004.
We use both standard event-study methodology and cross-sectional regression analysis in assessing the ex-dividend stock price
anomaly. We find that stock prices drop less than the dividend amount. By examining abnormal returns as well as abnormal trading
volume around the ex-dividend day, we find strong evidence of short-term trading, which is consistent with the presence of
dividend-capturing activities around the ex-dividend day. The results from the cross-sectional regression analysis confirm
that the short-term trading hypothesis explains the ex-dividend day stock price anomaly in Greece.
相似文献
Apostolos DasilasEmail: |
16.
Herding,momentum and investor over-reaction 总被引:2,自引:2,他引:0
In this paper we study the impact of noise or quality of prices on returns. The noise arises from herding by market participants
beyond what is justified by information. We construct a firm-quarter-specific measure of speculative intensity (SPEC) based
on autocorrelation in daily trading volume adjusted for the amount of information available, and find that speculative intensity
has a significant positive impact on returns. Both cross-sectional and time series variation in SPEC are consistent with conventional
wisdom, and with implications of theories of herding as in DeLong et al. (1990, J Political Econ 98(4):703–738). We find that high-SPEC firms drive the returns to momentum trading strategies and that
investor over-reaction is significant only in the case of high-SPEC firms.
相似文献
Murugappa (Murgie) Krishnan (Corresponding author)Email: |
17.
This paper looks at the reaction by industry insiders, industry analysts and competing firms, to the announcement of M&As
that took place in the European Union financial industry in the period 1998–2006. Analysts covering firms involved in an M&A
transaction do not significantly alter their recommendation. This is consistent with the hypothesis that the transaction on
average is “fairly priced” and that stock market prices reflect all relevant information on the assets. We also find that
the correlation between excess returns for merging and competing firms is positive and, in some cases, significantly higher
for domestic mergers than for international deals. This is consistent with the idea that domestic deals are more likely to
have a negative impact on industry competition.
相似文献
Ignacio HernandoEmail: |
18.
We propose two alternative models to estimate fundamental prices on real estate markets. The first model is based on a no-arbitrage
condition between renting and buying. The second model interprets the period costs as the result of market equilibrium between
housing demand and supply. We estimate both models for the USA, the UK, Japan, Switzerland, and the Netherlands. We find that
observed prices deviate substantially and for long periods from their estimated fundamental values. However, we find some
evidence that, in the long-run, actual prices tend to return to their fundamental values progressively. This result is due
to both impulse–response functions and forecast analyses. In particular, we find that using the fundamental price significantly
increases the accuracy of out-of-sample long-term forecasts of the price.
相似文献
Christian HottEmail: |
19.
In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The
results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor
auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery
from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced
a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new
trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares
which receive price improvement.
相似文献
Yiuman TseEmail: |
20.
This paper develops a theory of a firm’s hedging decision with endogenous leverage. In contrast to previous models in the
literature, our framework is based on less restrictive distributional assumptions and allows a closed-form analytical solution
to the joint optimization problem. Using anecdotal evidence of greater benefits of risk management for firms selling “credence
goods” or products that involve long-term relationships, we prove that those optimally leveraged firms, which face more convex
indirect bankruptcy cost functions, will choose higher hedge ratios. Moreover, we suggest a new approach to test this relationship
empirically.
相似文献
Lutz HahnensteinEmail: |