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Herd behavior in sales launch: an empirical study of the Chinese residential market

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Herd behavior in sales launch: an empirical study of the Chinese residential market

Ye, Qiaoyi (2018) Herd behavior in sales launch: an empirical study of the Chinese residential market. Masters thesis, Concordia University.

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Abstract

This paper examines the herd behavior in sales launch decisions by developers in China’s housing market. Using a sample of 6,930 development projects from 1997 to 2009, we find that the propensity of sales launch is positively related to the number of prior sales launches within a certain distance. This effect is more pronounced when the time interval between sales dates is shorter and when the distance is shorter. Furthermore, lead projects that are developed by reputable developers have a greater influence on later developers’ decisions than non-reputable ones. These findings provide evidence of herd behavior in developers’ sales launch decisions and are in line with informational and reputational herding theories.

Divisions:Concordia University > John Molson School of Business > Finance
Item Type:Thesis (Masters)
Authors:Ye, Qiaoyi
Institution:Concordia University
Degree Name:M. Sc.
Program:Finance
Date:14 May 2018
Thesis Supervisor(s):Zhou, Tingyu
ID Code:983884
Deposited By: QIAOYI YE
Deposited On:16 Nov 2018 16:56
Last Modified:16 Nov 2018 16:56
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