Intercity Information Diffusion and Price Discovery in Housing Markets: Evidence from Google Searches

Intercity Information Diffusion and Price Discovery in Housing Markets: Evidence from Google... We provide an innovative measure of information flow in Chinese housing markets based on search records from the Internet search engine Google. The measure depicts a substantial flow of house-price related information from national “superstar” cities, such as Beijing and Shanghai, and regional “star” cities, such as Tianjin and Chongqing, to other “normal” cities. The empirical results based on Granger causality test and turning point detection analysis both suggest that such information diffusion is a key factor that influences the intercity house price discovery process in the short run. The “superstar” and “star” cities lead the country in terms newly-built house prices changes in the sample period between 2006 and 2011. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Intercity Information Diffusion and Price Discovery in Housing Markets: Evidence from Google Searches

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Publisher
Springer US
Copyright
Copyright © 2015 by Springer Science+Business Media New York
Subject
Economics / Management Science; Regional/Spatial Science; Finance/Investment/Banking
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-014-9493-9
Publisher site
See Article on Publisher Site

Abstract

We provide an innovative measure of information flow in Chinese housing markets based on search records from the Internet search engine Google. The measure depicts a substantial flow of house-price related information from national “superstar” cities, such as Beijing and Shanghai, and regional “star” cities, such as Tianjin and Chongqing, to other “normal” cities. The empirical results based on Granger causality test and turning point detection analysis both suggest that such information diffusion is a key factor that influences the intercity house price discovery process in the short run. The “superstar” and “star” cities lead the country in terms newly-built house prices changes in the sample period between 2006 and 2011.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Jan 25, 2015

References

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