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Conference Paper: Trading volume-induced spatial autocorrelation in real estate prices
Title | Trading volume-induced spatial autocorrelation in real estate prices |
---|---|
Authors | |
Keywords | Price discovery Real estate Spatial dependence Trading volume |
Issue Date | 2013 |
Publisher | Springer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0895-5638 |
Citation | The 2010 Asia-Pacific Real Estate Research Symposium, Hong Kong, July 2010. In Journal of Real Estate Finance and Economics, 2013, v. 46 n. 4, p. 596-608 How to Cite? |
Abstract | Spatial dependence is often seen as a problem in econometrics rather than in economics. This study seeks to find an economic explanation for spatially correlated real estate prices. We posit spatial dependence as a process to discover price information from neighboring property transactions. Weaker spatial dependence is expected when price information in the immediate vicinity of a subject property is abundant. In the context of apartment buildings, in addition to the more commonly known horizontal dependence, there is also spatial dependence in the vertical dimension within the same building. Based on more than 18,000 transactions of highly homogeneous apartment units in Hong Kong, we found that the trading volume of a building depresses horizontal spatial dependence, but raises vertical spatial dependence. This not only confirmed the role of trading volume in the real estate price discovery process, but also questioned the validity of constant spatial autocorrelation assumption adopted in many studies. © 2012 The Author(s). |
Description | This journal issue is the Special issue: Asia-Pacific Real Estate Research Symposium 2010 |
Persistent Identifier | http://hdl.handle.net/10722/152826 |
ISSN | 2023 Impact Factor: 1.7 2023 SCImago Journal Rankings: 0.580 |
ISI Accession Number ID |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Wong, SK | en_HK |
dc.contributor.author | Yiu, CY | en_HK |
dc.contributor.author | Chau, KW | en_HK |
dc.date.accessioned | 2012-07-16T09:49:56Z | - |
dc.date.available | 2012-07-16T09:49:56Z | - |
dc.date.issued | 2013 | en_HK |
dc.identifier.citation | The 2010 Asia-Pacific Real Estate Research Symposium, Hong Kong, July 2010. In Journal of Real Estate Finance and Economics, 2013, v. 46 n. 4, p. 596-608 | en_HK |
dc.identifier.issn | 0895-5638 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/152826 | - |
dc.description | This journal issue is the Special issue: Asia-Pacific Real Estate Research Symposium 2010 | - |
dc.description.abstract | Spatial dependence is often seen as a problem in econometrics rather than in economics. This study seeks to find an economic explanation for spatially correlated real estate prices. We posit spatial dependence as a process to discover price information from neighboring property transactions. Weaker spatial dependence is expected when price information in the immediate vicinity of a subject property is abundant. In the context of apartment buildings, in addition to the more commonly known horizontal dependence, there is also spatial dependence in the vertical dimension within the same building. Based on more than 18,000 transactions of highly homogeneous apartment units in Hong Kong, we found that the trading volume of a building depresses horizontal spatial dependence, but raises vertical spatial dependence. This not only confirmed the role of trading volume in the real estate price discovery process, but also questioned the validity of constant spatial autocorrelation assumption adopted in many studies. © 2012 The Author(s). | en_HK |
dc.language | eng | en_US |
dc.publisher | Springer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0895-5638 | en_HK |
dc.relation.ispartof | Journal of Real Estate Finance and Economics | en_HK |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.rights | The original publication is available at www.springerlink.com | - |
dc.subject | Price discovery | en_HK |
dc.subject | Real estate | en_HK |
dc.subject | Spatial dependence | en_HK |
dc.subject | Trading volume | en_HK |
dc.title | Trading volume-induced spatial autocorrelation in real estate prices | en_HK |
dc.type | Conference_Paper | en_HK |
dc.identifier.email | Wong, SK: kelvin.wong@hku.hk | en_HK |
dc.identifier.email | Yiu, CY: ecyyiu@hkucc.hku.hk | en_HK |
dc.identifier.email | Chau, KW: hrrbckw@hku.hk | en_HK |
dc.identifier.authority | Wong, SK=rp01028 | en_HK |
dc.identifier.authority | Yiu, CY=rp01035 | en_HK |
dc.identifier.authority | Chau, KW=rp00993 | en_HK |
dc.description.nature | published_or_final_version | - |
dc.identifier.doi | 10.1007/s11146-012-9375-y | en_HK |
dc.identifier.scopus | eid_2-s2.0-84876433369 | en_HK |
dc.identifier.hkuros | 188868 | en_US |
dc.identifier.hkuros | 201284 | - |
dc.identifier.volume | 46 | - |
dc.identifier.issue | 4 | - |
dc.identifier.spage | 596 | - |
dc.identifier.epage | 608 | - |
dc.identifier.isi | WOS:000318293400003 | - |
dc.publisher.place | United States | en_HK |
dc.identifier.scopusauthorid | Wong, SK=7404591021 | en_HK |
dc.identifier.scopusauthorid | Yiu, CY=9248825800 | en_HK |
dc.identifier.scopusauthorid | Chau, KW=24830082500 | en_HK |
dc.identifier.citeulike | 10721059 | - |
dc.customcontrol.immutable | sml 140213 | - |
dc.identifier.issnl | 0895-5638 | - |