| dc.contributor.author | Hjalmarsson, Randi | swe |
| dc.contributor.author | Hjalmarsson, Erik | swe |
| dc.date.accessioned | 2006-10-25 | swe |
| dc.date.accessioned | 2007-02-09T11:14:26Z | |
| dc.date.available | 2007-02-09T11:14:26Z | |
| dc.date.issued | 2006 | swe |
| dc.identifier.issn | 1403-2465 | swe |
| dc.identifier.uri | http://hdl.handle.net/2077/2686 | |
| dc.description.abstract | We test for efficiency in the market for Swedish co-ops by examining the negative relationship
between the sales price and the present value of future rents. If the co-op housing market is
efficient, the present value of co-op rental payments due to underlying debt obligations of the
cooperative should be fully reflected in the sales price. However, we find that, on average, a one
hundred kronor increase in the present value of future rents only leads to a 45 to 65 kronor
reduction in the sales price; co-ops with higher rents are thus relatively overpriced compared to
those with lower rents. Our analysis indicates that pricing tends to be more efficient in areas
with higher educated and wealthier buyers. By relying on cross-sectional relationships in the
data, our results are less sensitive to transaction costs and other frictions than time-series tests of
housing market efficiency. | swe |
| dc.format.extent | 141415 bytes | |
| dc.format.mimetype | application/pdf | |
| dc.language.iso | en | swe |
| dc.relation.ispartofseries | Working Papers in Economics, nr 232 | swe |
| dc.subject | Housing markets; Market efficiency; Cooperative housing | swe |
| dc.title | EFFICIENCY IN HOUSING MARKETS: DO HOME BUYERS KNOW HOW TO DISCOUNT? | swe |
| dc.type.svep | Report | swe |
| dc.contributor.department | Department of Economics | swe |
| dc.gup.origin | Göteborg University. School of Business, Economics and Law | swe |
| dc.gup.epcid | 5097 | swe |
| dc.subject.svep | Economics | swe |
