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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/71771

    Title: Two Essays on Real Estate Investment Behaviors: Anchoring Bias and Disposition Effect
    Authors: 趙慶祥;Chao,Ching-Hsiang
    Contributors: 財務金融學系
    Keywords: 不動產市場;定錨偏誤;願付價格;處分效果;房屋擁有者;Real estate markets;Anchoring bias;Willingness to pay;The disposition effect;Homeowner
    Date: 2016-07-11
    Issue Date: 2016-10-13 13:51:42 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 本論文由兩篇關於不動產行為財務的研究所構成。


    ;This dissertation contains two essays on the behavioral research in real estate: anchoring bias and disposition effect.

    First Essay:
    Anchoring Bias from the Buy-side in the Real Estate Market

    We examine the existence and potential influences of anchoring bias within the real estate market by evaluating evidence and a priori arguments on the effects of investor sentiment on willingness to pay among homebuyers. Based upon a unique dataset which provides the complete histories of transactions in the real estate market, we investigate whether market participants can see through the bias; that is, we examine whether such homebuyers are actually likely to fall into the anchoring trap. Our findings reveal that the anchoring phenomenon prevails regardless of homebuyer′s gender. Whilst a comparison between different kinds of homebuyers and geographical regions also reveals that homebuyers faced with higher systemic uncertainty and out-of-state housing transactions exhibit higher levels of anchoring; the heuristic thinking biased willingness to pay on the part of investors gives rise to the deviations from reasonable and actual housing values.

    Second Essay:
    The Comprehensive Disposition Effect: Evidence from the Real Estate Market

    This paper examines whether real estate investors exhibit the “disposition effect” to ride long on losses and realize gains too soon. Based upon a unique dataset which provides complete histories of repeat transactions in the real estate market, we document the existence of disposition effect among homeowners regardless of their gender. Further comparing with different kinds of homeowners and transaction characteristics reveal that while sophisticated homeowners are less susceptible to the disposition effect, those who dealt with smaller property sizes exhibit significantly stronger disposition effect.
    Appears in Collections:[財務金融研究所] 博碩士論文

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