Online Appendix for: Is the Behavior of Sellers with Expected Gains and Losses Relevant to Cycles in House Prices?

38 Pages Posted: 11 Dec 2019

See all articles by Tingyu Zhou

Tingyu Zhou

Florida State University

John M. Clapp

University of Connecticut - Department of Finance

Ran Lu-Andrews

California Lutheran University, School of Management

Date Written: November 22, 2019

Abstract

This is the Online Appendix for: Is the Behavior of Sellers with Expected Gains and Losses Relevant to Cycles in House Prices?

Appendix 1 provides support for using assessed value to mitigate unobserved quality.
Appendix 2 describes the calculation of normalized assessed value (NAV) and summarizes results of leave-one-out (LOO) cross-validation.
Appendix 3 summarizes the analytical framework.
Appendix 4 displays our sample construction process.
Appendix 5 reports the first-stage hedonic regression results.
Appendix 6 shows the comparison between repeat sales index (based on repeat sales pairs), loss index and gain index.
Appendix 7 provides additional summary statistics that supplement Table 2.
Appendix 8 summarizes double results using asking price.
Appendix 9 summarizes results using an alternative house price cycle.
Appendix 10 reports additional robustness tests.
• A10.1 report robustness tests with various combinations of spatial and temporal fixed effects.
• A10.2 report robustness tests by restricting to the repeat sale sample only.
• A10.3 report results using asking price as the dependent variable.
• A10.4 reports robustness tests by adding the loan-to-value ratio.
Appendix 11 summarizes Clapp and Zhou (2019)’s method for correcting unobserved quality and report results using their method.
Appendix 12 presents and discusses contrast-relative analyses holding loss/gain coefficients constant.

Keywords: Housing Cycles, Anchoring, Reference Dependence, Price-volume Relationship, Cyclical Turning Points

JEL Classification: E00, G11, N2, R3

Suggested Citation

Zhou, Tingyu and Clapp, John M. and Lu-Andrews, Ran, Online Appendix for: Is the Behavior of Sellers with Expected Gains and Losses Relevant to Cycles in House Prices? (November 22, 2019). Available at SSRN: https://ssrn.com/abstract=3492046 or http://dx.doi.org/10.2139/ssrn.3492046

Tingyu Zhou (Contact Author)

Florida State University ( email )

821 Academic Way
Tallahassee, FL 32306
United States

John M. Clapp

University of Connecticut - Department of Finance ( email )

School of Business
2100 Hillside Road
Storrs, CT 06269
United States
860-983-3685 (Phone)
860-486-0349 (Fax)

Ran Lu-Andrews

California Lutheran University, School of Management ( email )

60 W. Olsen Road
School of Management
Thousand Oaks, CA California 91360
United States

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