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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/60744


    Title: 不動產估價師理性行為之探討
    Other Titles: Are Appraisers Rational?
    Authors: 陳奉瑤
    Chen,Fong-yao
    Contributors: 政大地政系
    Keywords: 部分調整;估價師行為;不動產證券化;估價平滑
    partial adjustment;appraisal behavior;REITs,smoothing
    Date: 2011-12
    Issue Date: 2013-09-12 16:07:30 (UTC+8)
    Abstract: 金融海嘯席捲世界造成重大傷害,突顯出經濟景氣循環中繁榮階段的過度樂觀與泡沫化,其似乎隱現投資人具動物本性,有追高助跌的行為,也引發對估價平滑評判的再省思。過去探討估價平滑之相關文獻多以總體資料切入,並將該現象歸因於估價師不能確實掌握市場變動,而直接尋求去平滑的方法。本文有別於過去多數相關研究,改由個別估價資料進行觀察,以T-REITs重新估價案例為對象,依循Quan & Quigley(1991)部分調整模型之理念,以迴歸分析衡量估值與當期市場價格和前期估值之關係,判斷部分調整的程度;並藉由信心函數的建立,進一步觀察部分調整行為是否理性。實證結果顯示,市場噪音越大,估價師賦予市場資訊的權重越小,驗證估價師確有部分調整行為且應屬理性行為。
    Previous studies defined appraisal smoothing as reduced volatility or the lag structure of the appraisal-based index as compared to the transaction-based index. Most of these studies examined data at an aggregate level and used extensive data sets in order to de-smooth the appraisal-based index. This paper aims to observe smoothing behavior among appraisers in Taiwan. It uses the re-appraisal data of T-REITs and modifies the partial adjustment model, developed by Quan & Quigley(1991), to observe smoothing issues. The results show that partial adjustments have existed and that T-REITs appraisers attach less weights to market information because of market noise.
    Relation: 住宅學報, 20(2), 47-60
    Data Type: article
    Appears in Collections:[地政學系] 期刊論文

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