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Conference Paper: Underpricing initial transactions: the sales strategy of residential developers
Title | Underpricing initial transactions: the sales strategy of residential developers |
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Authors | |
Issue Date | 2020 |
Citation | 26th Pacific Rim Real Estate Society (PRRES) Annual Conference, Canberra, Australia, 19-22 January 2020 How to Cite? |
Abstract | Academic and policy debates on sales strategy of durable goods have lasted for decades, however,
limited empirical study has been conducted in this field. With an empirical study of the first-hand
residential market in Hong Kong, this research aims to make theoretical improvements and provide
new evidence to the literature of durable goods. From the pilot study, an incremental pricing pattern
is found from the sales of residential developments, which means initial transactions are underpriced
compared to the latter transactions in a sale process. In order to explain this phenomenon, this
research tests the IPO underpricing theory and seller’s learning behaviour with the first-hand
residential developments sold during the period from 2013 to 2017. According to these theories,
information asymmetry among buyers and limited comparables in the market would be the major
reasons for developers adopting the underpricing strategy in the initial transactions. |
Description | Parallel Session 6: The housing Market - Paper ID 91 |
Persistent Identifier | http://hdl.handle.net/10722/290780 |
DC Field | Value | Language |
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dc.contributor.author | Lu, S | - |
dc.contributor.author | Wong, SK | - |
dc.date.accessioned | 2020-11-02T05:47:02Z | - |
dc.date.available | 2020-11-02T05:47:02Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | 26th Pacific Rim Real Estate Society (PRRES) Annual Conference, Canberra, Australia, 19-22 January 2020 | - |
dc.identifier.uri | http://hdl.handle.net/10722/290780 | - |
dc.description | Parallel Session 6: The housing Market - Paper ID 91 | - |
dc.description.abstract | Academic and policy debates on sales strategy of durable goods have lasted for decades, however, limited empirical study has been conducted in this field. With an empirical study of the first-hand residential market in Hong Kong, this research aims to make theoretical improvements and provide new evidence to the literature of durable goods. From the pilot study, an incremental pricing pattern is found from the sales of residential developments, which means initial transactions are underpriced compared to the latter transactions in a sale process. In order to explain this phenomenon, this research tests the IPO underpricing theory and seller’s learning behaviour with the first-hand residential developments sold during the period from 2013 to 2017. According to these theories, information asymmetry among buyers and limited comparables in the market would be the major reasons for developers adopting the underpricing strategy in the initial transactions. | - |
dc.language | eng | - |
dc.relation.ispartof | PRRES Annual Conference | - |
dc.title | Underpricing initial transactions: the sales strategy of residential developers | - |
dc.type | Conference_Paper | - |
dc.identifier.email | Wong, SK: skwongb@hku.hk | - |
dc.identifier.authority | Wong, SK=rp01028 | - |
dc.identifier.hkuros | 318277 | - |