Extrapolation and house price overreaction: Evidence from local jurisdiction mergers

Kuang Kuang Deng, Henan Lang and Xiaoxia Zhou

Finance Research Letters, 2022, vol. 44, issue C

Abstract: •House price overreacts to positive policy shock during the boom period.•No overreaction of house prices after a similar policy shock during the bust period.•Home purchasers’ expectations of future price change are based on lagged price growth.•Short-term speculators may be the main contributor to the housing price overreaction.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:44:y:2022:i:c:s1544612321001483

DOI: 10.1016/j.frl.2021.102067

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