Herding and reverse herding in US housing markets: new evidence from a metropolitan-level analysis

被引：0
|
作者：
Pollock, Matthew [1 ,3 ]
Mori, Masaki [2 ]
Wu, Yi [1 ]
机构：
[1] Univ Reading, Sch Real Estate & Planning, Henley Business Sch, Reading, England
[2] HES SO Univ Appl Sci & Arts Western Switzerland, EHL Hosp Business Sch, Lausanne, Switzerland
[3] Nottingham Trent Univ, Sch Architecture Design & Built Environm, Property Management & Dev, Nottingham NG1 4FQ, England
来源：
REGIONAL STUDIES | 2024年 / 58卷 / 11期
关键词：
Herding; reverse herding; housing; overconfidence; D82; R31; R32; MONETARY-POLICY; BEHAVIOR; SENTIMENT; PRICES; OVERCONFIDENCE; VOLATILITY; SPILLOVER; TESTS; MODEL; RISK;
D O I：
10.1080/00343404.2024.2325613
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study is the first to examine herding and reverse herding in US metropolitan housing markets based on Zillow ZIP-level house price indices. Reverse herding is found to be more prevalent than herding, which differs markedly from equity markets and outcomes derived from less granular house price indices. The results suggest that the interaction between price appreciation and overconfidence may drive reverse herding. Also, herding and reverse herding show strong dependency on market conditions. Wide spatial and temporal variation in herding and reverse herding suggests the importance of local characteristics as determinants of the rationality of market responses.
引用
收藏
页码：2099 / 2114
页数：16
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