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Article: Do unexpected land auction outcomes bring new information to the real estate market?

TitleDo unexpected land auction outcomes bring new information to the real estate market?
Authors
Chau, KWWong, SKYiu, CYTse, MKSPretorius, FIH
KeywordsInformation flow
Land auction
Market responses
Price signals
Issue Date2010
PublisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0895-5638
Citation
Journal of Real Estate Finance and Economics, 2010, v. 40 n. 4, p. 480-496 How to Cite?
DOI: http://dx.doi.org/10.1007/s11146-009-9220-0
AbstractLand and real estate are intrinsically related but generally traded in two different markets. Vacant land, being a major "raw material" for development of real estate, is traded by developers who actively manage development risk for profit. Real estate, being a long lived final product, is traded by end-users or investors for use or investment in the secondary market. This study examines price discovery between the two markets. The key question is whether land transactions, in the form of public auctions, convey any new information to the secondary real estate market. Our results suggest unexpected land auction outcomes have both market-wide and local effects on real estate prices. However, the impacts are asymmetric. We found that lower than expected land auction prices have a significant negative market-wide and local impact on real estate prices while higher than expect land auction prices have little or no impact. © Springer Science + Business Media, LLC 2009.
Persistent Identifierhttp://hdl.handle.net/10722/124040
ISSN
0895-5638
2021 Impact Factor: 1.480
2020 SCImago Journal Rankings: 0.638
ISI Accession Number ID
WOS:000276355100005
References
References in Scopus

 

DC FieldValueLanguage
dc.contributor.authorChau, KWen_HK
dc.contributor.authorWong, SKen_HK
dc.contributor.authorYiu, CYen_HK
dc.contributor.authorTse, MKSen_HK
dc.contributor.authorPretorius, FIHen_HK
dc.date.accessioned2010-10-19T04:35:20Z-
dc.date.available2010-10-19T04:35:20Z-
dc.date.issued2010en_HK
dc.identifier.citationJournal of Real Estate Finance and Economics, 2010, v. 40 n. 4, p. 480-496en_HK
dc.identifier.issn0895-5638en_HK
dc.identifier.urihttp://hdl.handle.net/10722/124040-
dc.description.abstractLand and real estate are intrinsically related but generally traded in two different markets. Vacant land, being a major "raw material" for development of real estate, is traded by developers who actively manage development risk for profit. Real estate, being a long lived final product, is traded by end-users or investors for use or investment in the secondary market. This study examines price discovery between the two markets. The key question is whether land transactions, in the form of public auctions, convey any new information to the secondary real estate market. Our results suggest unexpected land auction outcomes have both market-wide and local effects on real estate prices. However, the impacts are asymmetric. We found that lower than expected land auction prices have a significant negative market-wide and local impact on real estate prices while higher than expect land auction prices have little or no impact. © Springer Science + Business Media, LLC 2009.en_HK
dc.languageengen_HK
dc.publisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0895-5638en_HK
dc.relation.ispartofJournal of Real Estate Finance and Economicsen_HK
dc.subjectInformation flowen_HK
dc.subjectLand auctionen_HK
dc.subjectMarket responsesen_HK
dc.subjectPrice signalsen_HK
dc.titleDo unexpected land auction outcomes bring new information to the real estate market?en_HK
dc.typeArticleen_HK
dc.identifier.emailChau, KW: hrrbckw@hku.hken_HK
dc.identifier.emailWong, SK: kelvin.wong@hku.hken_HK
dc.identifier.emailYiu, CY: ecyyiu@hkucc.hku.hken_HK
dc.identifier.emailTse, MKS: ktse@hku.hken_HK
dc.identifier.emailPretorius, FIH: fredpre@hku.hken_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.identifier.authorityWong, SK=rp01028en_HK
dc.identifier.authorityYiu, CY=rp01035en_HK
dc.identifier.authorityTse, MKS=rp01101en_HK
dc.identifier.authorityPretorius, FIH=rp01018en_HK
dc.description.naturelink_to_OA_fulltext-
dc.identifier.doi10.1007/s11146-009-9220-0en_HK
dc.identifier.scopuseid_2-s2.0-79957477493en_HK
dc.identifier.hkuros172002-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-79957477493&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume40en_HK
dc.identifier.issue4en_HK
dc.identifier.spage480en_HK
dc.identifier.epage496en_HK
dc.identifier.eissn1573-045Xen_HK
dc.identifier.isiWOS:000276355100005-
dc.publisher.placeUnited Statesen_HK
dc.description.otherSpringer Open Choice, 01 Dec 2010-
dc.identifier.scopusauthoridChau, KW=24830082500en_HK
dc.identifier.scopusauthoridWong, SK=7404591021en_HK
dc.identifier.scopusauthoridYiu, CY=9248825800en_HK
dc.identifier.scopusauthoridTse, MKS=7103352647en_HK
dc.identifier.scopusauthoridPretorius, FIH=35616801000en_HK
dc.identifier.citeulike6358097-
dc.identifier.issnl0895-5638-

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