Price Signals and Uncertainty in Commercial Real Estate Transactions
Using a sample of CCIM designees and candidates in an experimental setting, this study examines the impact of broker signaling in commercial real estate transactions. It also explores the effect of certainty of closure in commercial real estate transactions. Findings suggest brokers are able to infl...
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| Veröffentlicht in: | The journal of real estate finance and economics 2018-08, Vol.57 (2), p.246-263 |
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| container_title | The journal of real estate finance and economics |
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| creator | Cypher, Matthew Price, S. McKay Robinson, Spenser Seiler, Michael J. |
| description | Using a sample of CCIM designees and candidates in an experimental setting, this study examines the impact of broker signaling in commercial real estate transactions. It also explores the effect of certainty of closure in commercial real estate transactions. Findings suggest brokers are able to influence transaction pricing. Moreover, detailed analysis reveals that when a signal is above a reference point implied by previous transactions, the strength of the signal matters; privately communicated signals from reliable sources have significantly greater impact than signals which are made widely available. Additionally, we find an approximately 10% premium in transactions with lower certainty of closure than one with high certainty. The latter result varies by transactional participant type; owner/developers require a larger premium than institutional sellers. |
| doi_str_mv | 10.1007/s11146-017-9617-0 |
| format | Article |
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| ispartof | The journal of real estate finance and economics, 2018-08, Vol.57 (2), p.246-263 |
| issn | 0895-5638 1573-045X |
| language | eng |
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| source | SpringerLink Journals - AutoHoldings; EBSCOhost Business Source Complete |
| subjects | Candidates Commercial real estate Economics Economics and Finance Financial Services Real estate Regional/Spatial Science Signaling Transactions Uncertainty |
| title | Price Signals and Uncertainty in Commercial Real Estate Transactions |
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