政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/60744

政大典藏 > College of Social Science > Department of Land Economics > Periodical Articles > Item 140.119/60744

Please use this identifier to cite or link to this item: https://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:	[Department of Land Economics] Periodical Articles

Files in This Item:

File	Description	Size	Format
4760.pdf		3394Kb	Adobe PDF2	1108	View/Open

社群 sharing

Loading...