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dc.contributor.authorBao, Helen X. H.
dc.contributor.authorMeng, Charlotte Chunming
dc.contributor.authorWu, Jing
dc.date.accessioned2021-11-22T14:48:48Z
dc.date.available2021-11-22T14:48:48Z
dc.date.issued2021-02-03
dc.date.submitted2020-02-26
dc.identifier.issn1566-4910
dc.identifier.others10901-020-09803-y
dc.identifier.other9803
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/330924
dc.descriptionFunder: Economic and Social Research Council; doi: http://dx.doi.org/10.13039/501100000269
dc.descriptionFunder: Newnham College, University of Cambridge; doi: http://dx.doi.org/10.13039/501100000663
dc.description.abstractAbstract: We analyse land transaction and residential development data from Beijing, China and identify that developers’ evaluation of land transaction exhibits reference dependence and loss aversion. Developers with prior land transaction losses set higher house prices than those without prior losses. This effect is strongest at the beginning and towards the end of the property sales period. It is moderated by developers’ ownership structure and listing status. Privately-owned firms experience stronger effects than their state-owned counterparts, whereas unlisted firms are more strongly affected than their listed counterparts. Results have implications on the relationship between the land and the housing markets in China. In a booming land market where land acquisition entails a high price, developers will transfer excess land price to house prices, thereby increasing the latter. The land market plays an integral role in managing housing prices in China.
dc.languageen
dc.publisherSpringer Netherlands
dc.subjectArticle
dc.subjectReference dependence
dc.subjectLoss aversion
dc.subjectBehavioural economics
dc.subjectReal estate development
dc.subjectChinese housing market
dc.titleReference dependence, loss aversion and residential property development decisions
dc.typeArticle
dc.date.updated2021-11-22T14:48:47Z
prism.endingPage1562
prism.issueIdentifier4
prism.publicationNameJournal of Housing and the Built Environment
prism.startingPage1535
prism.volume36
dc.identifier.doi10.17863/CAM.78367
dcterms.dateAccepted2020-12-07
rioxxterms.versionofrecord10.1007/s10901-020-09803-y
rioxxterms.versionVoR
rioxxterms.licenseref.urihttp://creativecommons.org/licenses/by/4.0/
dc.contributor.orcidMeng, Charlotte Chunming [0000-0003-1259-8831]
dc.identifier.eissn1573-7772
pubs.funder-project-idNational Natural Science Foundation of China (ES/P004296/1)


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