Quotation Herath, Shanaka, Maier, Gunther. 2015. Informational efficiency of the real estate market: A meta-analysis. Journal of Economic Research 20 (2): S. 117-168.




The growing empirical literature testing informational efficiency of real estate markets uses data from various contexts and at different levels of aggregation. The results of these studies are mixed. We use a distinctive meta-analysis to examine whether some of these study characteristics and contexts lead to a significantly higher chance for identification of an efficient real estate market. The results generated through meta-regression suggest that use of stock market data and individual level data, rather than aggregate data, significantly improves the probability of a study concluding efficiency. Additionally, the findings neither provide support for the suspicion that the view of market efficiency has significantly changed over the years nor do they indicate a publication bias resulting from such a view. The statistical insignificance of other study characteristics suggests that the outcome concerning efficiency is a context-specific random manifestation for the most part.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Journal of Economic Research
Language English
Title Informational efficiency of the real estate market: A meta-analysis
Volume 20
Number 2
Year 2015
Page from 117
Page to 168
Reviewed? Y
URL http://jer.hanyang.ac.kr/
DOI http://dx.doi.org/10.17256/jer.2015.20.2.001


Herath, Shanaka (Former researcher)
Maier, Gunther (Details)
Institute for Multi-Level Governance and Development IN (Details)
Research Institute for Spatial and Real Estate Economics FI (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
1807 Economic geography (Details)
5300 Economics (Details)
5329 Economics of location (Details)
5330 Site selection (Details)
5332 Transport economics (Details)
5351 Public economy (Details)
5606 Spatial research (Details)
5611 Urban and regional analysis (Details)
5612 Economics of location (Details)
5618 Regional economy (Details)
5702 Population statistics (Details)
5915 Economic geography (Details)
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