Tom: Why Isn't Price Enough?

40 Pages Posted: 27 May 2003

See all articles by Charles Ka Yui Leung

Charles Ka Yui Leung

The Chinese University of Hong Kong (CUHK) - Department of Economics

Chun Fai Youngman Leong

The Chinese University of Hong Kong

Ida Yin Sze Chan

The Chinese University of Hong Kong

Abstract

In an efficient market, differences in quality should be fully reflected in differences in prices. This paper examines a highly active residential property market and verifies whether housing attributes can explain time on the market (TOM) after controlling prices. In contrast to the previous literature, only the price ratio and inflation factor are found to be critical in affecting TOM. An interpretation of the results is suggested, along with some directions for future research.

Keywords: TOM, price ratio, inflation factor, physical attribute, time aggregation

JEL Classification: C41, D81, D83, R31

Suggested Citation

Leung, Ka Yui Charles and Leong, Chun Fai Youngman and Chan, Ida Yin Sze, Tom: Why Isn't Price Enough?. Available at SSRN: https://ssrn.com/abstract=406101 or http://dx.doi.org/10.2139/ssrn.406101

Ka Yui Charles Leung (Contact Author)

The Chinese University of Hong Kong (CUHK) - Department of Economics ( email )

Shatin, N.T.
Hong Kong
+852-2609-7158 (Phone)
+852-2603-5805 (Fax)

HOME PAGE: http://www.cuhk.edu.hk/eco/staff/kyleung

Chun Fai Youngman Leong

The Chinese University of Hong Kong ( email )

Hong Kong
Hong Kong

Ida Yin Sze Chan

The Chinese University of Hong Kong ( email )

Hong Kong
Hong Kong

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