Expectations, efficiency, and euphoria in the housing market

Regional Science and Urban Economics

Volumn 26, Issue 3-4, 1996, Pages 369-386

  Capozza, Dennis R ^a   Seguin, Paul J ^a  

^a UNIVERSITY OF MICHIGAN   (United States)

Author keywords

Housing appreciation; Informational efficiency; Rational expectations

Indexed keywords

EID: 0002437348     PISSN: 01660462     EISSN: None     Source Type: Journal    
DOI: 10.1016/0166-0462(95)02120-5     Document Type: Article

References (22)

1. Abraham, J. and P. Hendershott, 1992, Patterns and determinants of metropolitan house prices, 1977-91, mimeo, Ohio State University.
2. Black, F. and M. Scholes, 1974, The effect of dividend yield and dividend policy on common stock prices and returns, Journal of Financial Economics 1, 1-22.
3. Capozza, D.R. and R. Helsley, 1990, The stochastic city, Journal of Urban Economics 28, 187-203.
4. Capozza, D.R. and Y. Li, 1994, The intensty and timing of investment: The case of land, American Economic Review 84, no. 4, 889-904.
5. Capozza D.R. and G. Schwann, 1989, The asset approach to pricing urban land: Empirical evidence, Journal of the American Real Estate and Urban Economics Association 17, no. 2, 161-174.
6. Capozza D.R. and G. Schwann, 1990, The value of risk in real estate markets, Journal of Real Estate Finance and Economics. 3, 117-140.
7. Capozza, D.R. and G. Sick, 1994, The risk structure of land markets, Journal of Urban Economics 35, 297-319.
8. Case, K. and R. Shiller, 1988, The behavior of home buyers in boom and post-boom markets, New England Economic Review 29-46.
9. Collins, S., B. Lipman and S. Groeneman, 1992, Experience and expectation: The home price predictions of owners and renters (National Association of Realtors).
10. Fama, E.F. and K.R. French, 1988, Dividend yields and expected stock returns, Journal of Financial Economics 22, 3-25.
11. Goetzmann, W.N. and P. Jorion, 1993, Testing the predictive power of dividend yields, Journal of Finance 48, 663-679.
12. Hamilton, B.W. and R.M. Schwab, 1985, Expected appreciation in urban housing markets, Journal of Urban Economics 18, 103-118.
13. Hodrick, R.J., 1992, Dividend yields and expected stock returns: Alternative procedures for inference and measurement, Review of Financial Studies 5, 243-280.
14. Mankiw, G. and A. Weil, 1989, The baby boom, the baby bust, and the housing market, Regional Science and Urban Economics 19, 235-258.
15. Meese, R. and N. Wallace, 1994, Testing the present value relation for housing prices: Should I leave my house in San Francisco, Journal of Urban Economics 35, 245-266.
16. Miller, M. and F. Modigliani, 1961, Dividend policy, growth, and the valuation of shares, Journal of Business 34, 411-433.
17. Miller, M. and M. Scholes, 1982, Dividend and taxes: Some empirical evidence, Journal of Political Economy 90, 1118-1141.
18. Murphy, K.M. and R.H. Topel, 1985, Estimation and inference in two-step econometric models, Journal of Business and Economics Statistics 3, 370-379.
19. Pagan, A., 1984, Econometric issues in the analysis of regressions with generated regressors, International Economic Review 25, 221-247.
20. Rose, L., 1989, Topographical constraints and urban land supply indexes, Journal of Urban Economics 26, 335-347.
21. Schwert, G.W. and P.J. Seguin, 1990, Heteroskedasticity in stock returns, Journal of Finance 44, 1129-1155.
22. Wheaton, W., 1990, Vacancy, search and prices in a housing market matching model. Journal of Political Economy 98, 1270-1292.