题目:Information Sharing across MLS Platforms and Housing Prices: Evidence from a Temporary Suspension of an Agreement (跨 MLS 平台的信息共享与住房价格:临时中止协议的证据 )
报告人:杨柳明 香港中文大学 助理教授
时间:2023年9月14日(周四) 16:00
地点:经管院A221
主办单位:太阳集团0638官方网站金融系
太阳集团0638官方网站金融研究中心
太阳集团0638官方网站金融发展与政策研究中心
太阳集团0638官方网站金融工程与风险管理研究中心
报告摘要:
This study examines the impact of an information shock on the listing outcomes of digital trading platforms. It reports a unique case of the suspension of a data sharing agreement between two Multiple Listing Services (MLS) in South Florida and investigates the impact of such a (negative) information shock on the sales outcomes of properties on the MLS platforms. The paper first develops a theoretical model involving search and matching frictions, which predicts discounted trading prices being correlated to the degree of cross-MLS brokers' collaboration. Using data involving property listings from the two MLSs, the paper then presents a series of regression analyses and depicts that there is approximately a 3% price reduction during the data suspension period. This result confirms the theoretical model's predictions and remains stable and consistent under various robustness checks. Our results also reveal heterogeneous pricing and liquidity effects due to such an information shock.
这项研究探讨了信息冲击对数字交易平台上的房地产交易的影响。我们使用佛罗里达州两个房地产数字交易平台(MLS)之间数据共享协议的短暂停止为案例,研究这种(负面的)信息冲击对MLS平台上房屋销售的影响。论文首先构建了一个涉及搜索和匹配摩擦的理论模型,该模型发现房屋的交易价格受到跨MLS平台的合作程度影响。利用来自两个房地产数字交易平台的房屋交易数据,本文进行了一系列实证分析,并发现在数据共享协议停止期间,房屋售价有3%的下降。这一结果证实了理论模型的预测,并在各种稳健性检查下保持一致。本文还发现这种信息冲击产生了不同的价格效应和流动性效应。
报告人简介:
杨柳明,香港中文大学(The Chinese University of Hong Kong)商学院房地产学助理教授。杨教授曾在太阳集团0638官方网站(Wuhan University)获得金融学学士和硕士学位,并在乔治亚州立大学(Georgia State University)获得工商管理博士学位。研究领域主要集中在房地产金融和家庭金融方面。