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- Publisher Website: 10.1007/s11146-012-9395-7
- Scopus: eid_2-s2.0-84907594237
- WOS: WOS:000342465300009
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Article: Short-Term Buyers and Housing Market Dynamics
Title | Short-Term Buyers and Housing Market Dynamics |
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Authors | |
Keywords | Housing markets Return predictability Short term buyers Trading volume |
Issue Date | 2014 |
Citation | Journal of Real Estate Finance and Economics, 2014, v. 49, n. 4, p. 654-689 How to Cite? |
Abstract | This study demonstrates that taking into account heterogeneous investment horizons will improve our understanding of housing price and trading dynamics. Using an OLG (Overlapping Generations) model in which agents have heterogeneous preferences and investment horizons, with transaction costs, short term investors are more sensitive to changes in economic fundamentals and are less likely to own (and trade) in a declining market. The model predicts that the ownership composition contains information about current and future house prices and trading dynamics. Empirically, we find that home owners’ expected holding horizons co-vary negatively with house prices, and they also predict future (short term) returns. |
Persistent Identifier | http://hdl.handle.net/10722/309212 |
ISSN | 2023 Impact Factor: 1.7 2023 SCImago Journal Rankings: 0.580 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Edelstein, Robert | - |
dc.contributor.author | Qian, Wenlan | - |
dc.date.accessioned | 2021-12-15T03:59:45Z | - |
dc.date.available | 2021-12-15T03:59:45Z | - |
dc.date.issued | 2014 | - |
dc.identifier.citation | Journal of Real Estate Finance and Economics, 2014, v. 49, n. 4, p. 654-689 | - |
dc.identifier.issn | 0895-5638 | - |
dc.identifier.uri | http://hdl.handle.net/10722/309212 | - |
dc.description.abstract | This study demonstrates that taking into account heterogeneous investment horizons will improve our understanding of housing price and trading dynamics. Using an OLG (Overlapping Generations) model in which agents have heterogeneous preferences and investment horizons, with transaction costs, short term investors are more sensitive to changes in economic fundamentals and are less likely to own (and trade) in a declining market. The model predicts that the ownership composition contains information about current and future house prices and trading dynamics. Empirically, we find that home owners’ expected holding horizons co-vary negatively with house prices, and they also predict future (short term) returns. | - |
dc.language | eng | - |
dc.relation.ispartof | Journal of Real Estate Finance and Economics | - |
dc.subject | Housing markets | - |
dc.subject | Return predictability | - |
dc.subject | Short term buyers | - |
dc.subject | Trading volume | - |
dc.title | Short-Term Buyers and Housing Market Dynamics | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1007/s11146-012-9395-7 | - |
dc.identifier.scopus | eid_2-s2.0-84907594237 | - |
dc.identifier.volume | 49 | - |
dc.identifier.issue | 4 | - |
dc.identifier.spage | 654 | - |
dc.identifier.epage | 689 | - |
dc.identifier.eissn | 1573-045X | - |
dc.identifier.isi | WOS:000342465300009 | - |