IDEAS home Printed from https://ideas.repec.org/p/arz/wpaper/eres2011_79.html
   My bibliography  Save this paper

The efficiency of the Austrian residential markets - An empirical study

Author

Listed:
  • Shanaka Herath
  • Gunther Maier

Abstract

An earlier paper presented at an ERES conference (Maier et al., 2010) provided evidence that energy efficient improvements in residential properties were not capitalized into prices suggesting that the Austrian residential markets are not efficient. In this paper, we further shed light on this issue by formally testing for the efficiency of the residential markets in Austria. The concept of efficiency has been examined in the literature mainly based on Famaís (1970, 1976) three versions of the Efficient Market Hypothesis (EMH). Our strategy is to use the weak form and the semi-strong form specifications of the EMH to examine if information about past prices and other market fundamentals are already incorporated into the present prices of residential units. We use aggregate house price data published by the Austrian National Bank. To the best of our knowledge, the present study is the first such analysis for Austrian residential markets.

Suggested Citation

  • Shanaka Herath & Gunther Maier, 2011. "The efficiency of the Austrian residential markets - An empirical study," ERES eres2011_79, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2011_79
    as

    Download full text from publisher

    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2011-79
    Download Restriction: no
    ---><---

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arz:wpaper:eres2011_79. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Architexturez Imprints (email available below). General contact details of provider: https://edirc.repec.org/data/eressea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.