Dong, Zhi; Sing, Tien - In: The Journal of Real Estate Finance and Economics 48 (2014) 3, pp. 441-466
This paper shows that ignoring differences in developers’ competitive strength and their bidding behavior in land auctions leads to distorted valuation of urban lands. Using the government’s land sale data in Singapore for the sample periods 1990–2011, we found that after controlling for...