OVERCONFIDENCE AND REAL ESTATE RESEARCH: A SURVEY OF THE LITERATURE

被引:8
作者
Bao, Helen X. H. [1 ]
Li, Steven Haotong [1 ]
机构
[1] Univ Cambridge, Dept Land Econ, Cambridge CB3 9EP, England
关键词
Judgmental bias; behavioral finance; investment decision; overconfidence; real estate investment; COMMON-STOCK INVESTMENT; SELF-ATTRIBUTION BIAS; CEO OVERCONFIDENCE; JUDGMENTAL OVERCONFIDENCE; MARKET SENTIMENT; TRADING ACTIVITY; INVESTORS TRADE; SECURITY MARKET; HOUSING-MARKET; RISK-TAKING;
D O I
10.1142/S0217590816500156
中图分类号
F [经济];
学科分类号
02 ;
摘要
Real estate investment has recently been advancing rapidly in both volume and complexity. A sound understanding of behavioral issues in this sector benefits all stakeholders, such as investors, regulators and local residents. We focus on one of the most robust behavioral anomalies in business and finance research: overconfidence. Overconfidence significantly influences financial decision and investment performance. However, theoretical and empirical studies are lacking in real estate sector. We conduct a critical review of the overconfidence literature to bridge this gap, identify future research directions for the study of overconfidence in real estate markets, and suggest strategies to handle technical issues, such as the robustness of overconfidence measurement and data availability. Findings provide useful guidelines for researchers and practitioners to design and implement overconfidence studies in real estate research.
引用
收藏
页数:24
相关论文
共 91 条
[1]   Managerial Overconfidence and Accounting Conservatism [J].
Ahmed, Anwer S. ;
Duellman, Scott .
JOURNAL OF ACCOUNTING RESEARCH, 2013, 51 (01) :1-30
[2]  
Alpert M., 1982, Judgment Under Uncertainty, P294, DOI DOI 10.1017/CBO9780511809477.022
[3]   Boys will be boys: Gender, overconfidence, and common stock investment [J].
Barber, BM ;
Odean, T .
QUARTERLY JOURNAL OF ECONOMICS, 2001, 116 (01) :261-292
[4]   Trading is hazardous to your wealth: The common stock investment performance of individual investors [J].
Barber, BM ;
Odean, T .
JOURNAL OF FINANCE, 2000, 55 (02) :773-806
[5]   Corporate Governance and Performance: The REIT Effect [J].
Bauer, Rob ;
Eichholtz, Piet ;
Kok, Nils .
REAL ESTATE ECONOMICS, 2010, 38 (01) :1-29
[6]  
Benos AlexandrosV., 1998, J FINANC MARK, V3, P353, DOI [10.1016/S1386-4181(97)00010-4, DOI 10.1016/S1386-4181(97)00010-4]
[7]   Judgemental overconfidence, self-monitoring, and trading performance in an experimental financial market [J].
Biais, B ;
Hilton, D ;
Mazurier, K ;
Pouget, S .
REVIEW OF ECONOMIC STUDIES, 2005, 72 (02) :287-312
[8]   Are overconfident CEOs born or made? Evidence of self-attribution bias from frequent acquirers [J].
Billett, Matthew T. ;
Qian, Yiming .
MANAGEMENT SCIENCE, 2008, 54 (06) :1037-1051
[9]   Risk aversion vs. individualism: what drives risk taking in household finance? [J].
Breuer, Wolfgang ;
Riesener, Michael ;
Salzmann, Astrid Juliane .
EUROPEAN JOURNAL OF FINANCE, 2014, 20 (05) :446-462
[10]   Investor Overconfidence and the Forward Premium Puzzle [J].
Burnside, Craig ;
Han, Bing ;
Hirshleifer, David ;
Wang, Tracy Yue .
REVIEW OF ECONOMIC STUDIES, 2011, 78 (02) :523-558