{"title":"Empirical Analysis on the System Revisions of Judicial Real Estate Auctions: Comparison with General Real Estate Trading","authors":"Y. Ooka","doi":"10.5736/jares.31.4_119","DOIUrl":null,"url":null,"abstract":"This paper shows the effect of a series of system revisions of judicial real estate auction in the 2000s on three factors: bid acceptance ratio, number of bidders, and highest bid. Using multiyear data of auctions from multiple district courts, I estimate the improvement of the three factors by the revision.Furthermore, comparing real estate auction data with voluntary sale and general real estate trading data, I find that the selling price in auction was greatly lower than the price in voluntary sale even after the system revisions. Based on the empirical results, I suggest about necessity of further system revisions.","PeriodicalId":394495,"journal":{"name":"New Frontiers in Regional Science: Asian Perspectives","volume":"22 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2018-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"New Frontiers in Regional Science: Asian Perspectives","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.5736/jares.31.4_119","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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Abstract
This paper shows the effect of a series of system revisions of judicial real estate auction in the 2000s on three factors: bid acceptance ratio, number of bidders, and highest bid. Using multiyear data of auctions from multiple district courts, I estimate the improvement of the three factors by the revision.Furthermore, comparing real estate auction data with voluntary sale and general real estate trading data, I find that the selling price in auction was greatly lower than the price in voluntary sale even after the system revisions. Based on the empirical results, I suggest about necessity of further system revisions.
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