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@article{ART002330712},
author={KIm, Jung Sun and Yu, Jung Suk},
title={Herding Behavior of the Seoul Apartment Market},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2018},
volume={28},
number={1},
pages={91-104},
doi={10.35136/krer.28.1.7}

TY - JOUR
AU - KIm, Jung Sun
AU - Yu, Jung Suk
TI - Herding Behavior of the Seoul Apartment Market
JO - Korea Real Estate Review
PY - 2018
VL - 28
IS - 1
PB - korea real estate research institute
SP - 91
EP - 104
SN - 2092-5395
AB - In this study, the occurrence and degree of herding behavior as a market participant behavior in a housing market were analyzed. For the analysis method, the actual sales price was applied in the CSAD (Cross-sectional Absolute Deviation) model, which has been used the most of late for herding behavior analysis. For the analysis contents, these were subdivided into region, elapsed year, size, and market condition to analyze the regionality and the internal and external factors. For the study results, first, there was no herding behavior in the entire region of Seoul. By region, herding behavior occurred in the downtown, southeast, and northwest regions, which coincided with the results of the precedent study (Ngene et al., 2017). Second, in the market analysis by elapsed year, herding behavior was captured in dilapidated dwellings. By size, herding behavior was observed in small-scale (60㎡ or less) apartments and in 85㎡ or higher and less than 102㎡ national housing units. Third, during the time of the global financial crisis, herding behavior was not observed in all the regions, whereas when the market situations were in a boom cycle, it was observed in the northwest region. These results suggest that there is a difference from the stock market, where in a period of recession, herding behavior occurs intensively with the expanding fear of incurring losses. This study is significant in that it analyzed the market participant behaviors in the behavioral economic aspects to better understand the abnormal phenomenon in a housing market, and in that it additionally provides a psychological factor — market participant behavior — in market analysis.
KW - herding behavior;apartment market;real transaction data;LSV model;CSAD model
DO - 10.35136/krer.28.1.7
ER -

KIm, Jung Sun and Yu, Jung Suk. (2018). Herding Behavior of the Seoul Apartment Market. Korea Real Estate Review, 28(1), 91-104.

KIm, Jung Sun and Yu, Jung Suk. 2018, "Herding Behavior of the Seoul Apartment Market", Korea Real Estate Review, vol.28, no.1 pp.91-104. Available from: doi:10.35136/krer.28.1.7

KIm, Jung Sun, Yu, Jung Suk "Herding Behavior of the Seoul Apartment Market" Korea Real Estate Review 28.1 pp.91-104 (2018) : 91.

KIm, Jung Sun, Yu, Jung Suk. Herding Behavior of the Seoul Apartment Market. 2018; 28(1), 91-104. Available from: doi:10.35136/krer.28.1.7

KIm, Jung Sun and Yu, Jung Suk. "Herding Behavior of the Seoul Apartment Market" Korea Real Estate Review 28, no.1 (2018) : 91-104.doi: 10.35136/krer.28.1.7

KIm, Jung Sun; Yu, Jung Suk. Herding Behavior of the Seoul Apartment Market. Korea Real Estate Review, 28(1), 91-104. doi: 10.35136/krer.28.1.7

KIm, Jung Sun; Yu, Jung Suk. Herding Behavior of the Seoul Apartment Market. Korea Real Estate Review. 2018; 28(1) 91-104. doi: 10.35136/krer.28.1.7

KIm, Jung Sun, Yu, Jung Suk. Herding Behavior of the Seoul Apartment Market. 2018; 28(1), 91-104. Available from: doi:10.35136/krer.28.1.7

KIm, Jung Sun and Yu, Jung Suk. "Herding Behavior of the Seoul Apartment Market" Korea Real Estate Review 28, no.1 (2018) : 91-104.doi: 10.35136/krer.28.1.7