@article{ART002001481},
author={이재욱 and 방두완},
title={Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2015},
volume={25},
number={2},
pages={71-84}
TY - JOUR
AU - 이재욱
AU - 방두완
TI - Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables
JO - Korea Real Estate Review
PY - 2015
VL - 25
IS - 2
PB - korea real estate research institute
SP - 71
EP - 84
SN - 2092-5395
AB - We study the determinants of the auction price ratio of auction market in Korea for the 2004-2013 period using loan-level auction data.
We estimate the hedonic auction model with auction characteristics and macroeconomic variables. Macroeconomic variables are the 3-year treasury rates, the change in GDP, the change in CPI, unemployment rates and the change in the housing price. Futhermore we consider the real estate cycles, which we break into the real estate cycle 1(up market) and the real estate cycle 2(down market).
We find the number of failed auctions has the greatest explanatory power, followed by the number of bidders. We conclude that the most important factor influencing auction price ratio is auction characteristics. We also find that the number of failed auctions and the number of bidders are statistically significant.
Considering the effect of macroeconomic variables, we conclude that the 3-year treasury rate is statistically significant in real estate auction market. We find that the determinants of the auction price ratio of auction market do differ greatly through the real estate market cycles.
KW - real estate auction;the determinants of the auction price ratio;auction characteristics and macroeconomic variables;housing market cycle
DO -
UR -
ER -
이재욱 and 방두완. (2015). Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables. Korea Real Estate Review, 25(2), 71-84.
이재욱 and 방두완. 2015, "Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables", Korea Real Estate Review, vol.25, no.2 pp.71-84.
이재욱, 방두완 "Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables" Korea Real Estate Review 25.2 pp.71-84 (2015) : 71.
이재욱, 방두완. Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables. 2015; 25(2), 71-84.
이재욱 and 방두완. "Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables" Korea Real Estate Review 25, no.2 (2015) : 71-84.
이재욱; 방두완. Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables. Korea Real Estate Review, 25(2), 71-84.
이재욱; 방두완. Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables. Korea Real Estate Review. 2015; 25(2) 71-84.
이재욱, 방두완. Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables. 2015; 25(2), 71-84.
이재욱 and 방두완. "Factors Influencing Auction Price ratio: Auction Characteristics, Macroeconomic Variables" Korea Real Estate Review 25, no.2 (2015) : 71-84.
