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Loss aversion not only affects the list price of properties but can retain on actual transactions. Utilizing the data of over a million commercial and residential property transactions in Hong Kong from 1991 to 2015, we find that sellers facing nominal losses relative to their prior purchase...
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This study examines how heterogeneous traders on both sides of transactions behave in the housing market under information asymmetry. Two types of buyers, namely, informed and uninformed buyers, correspond to local and non-local buyers in the empirical tests. Non-local housing buyers in Hong...
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In timing property listings, real estate developers can exercise the “option to wait” or “option to presale” to mitigate price uncertainty risk. In this study, we proposed a theoretical model to study the effectiveness of both strategies under a unified framework. We tested our model...
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