{"title":"非同质资产的批量交易者","authors":"Darren K. Hayunga, Henry J. Munneke","doi":"10.1007/s11146-024-09986-z","DOIUrl":null,"url":null,"abstract":"<p>This article conducts a comprehensive analysis of the potential returns from investing in residential real property, with a special interest in any added gains due to trading larger volumes. Since the literature suggests that they are at a bargaining disadvantage, one notable finding is that individuals earn price benefits like so-called professional investors. Upon controlling for myriad well-known bargaining channels as well as investors’ demand characteristics, we find the mean price gains due to bargaining for individuals range from 4.2% for the lower volume investors (3–4 homes) to more than 7% for the highest volume traders (13 + properties). These average returns are for both buyers and sellers. Professionals exhibit bargaining acumen beginning with their first transactions (6.4%) and garner returns like individuals at higher volume levels (7.3%). The finding of investors’ bargaining effects generally increasing with greater volume implies gains in asymmetric information possibly through learning and/or reduced search costs.</p>","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"2015 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Volume Traders of Non-Homogenous Assets\",\"authors\":\"Darren K. Hayunga, Henry J. Munneke\",\"doi\":\"10.1007/s11146-024-09986-z\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This article conducts a comprehensive analysis of the potential returns from investing in residential real property, with a special interest in any added gains due to trading larger volumes. Since the literature suggests that they are at a bargaining disadvantage, one notable finding is that individuals earn price benefits like so-called professional investors. Upon controlling for myriad well-known bargaining channels as well as investors’ demand characteristics, we find the mean price gains due to bargaining for individuals range from 4.2% for the lower volume investors (3–4 homes) to more than 7% for the highest volume traders (13 + properties). These average returns are for both buyers and sellers. Professionals exhibit bargaining acumen beginning with their first transactions (6.4%) and garner returns like individuals at higher volume levels (7.3%). The finding of investors’ bargaining effects generally increasing with greater volume implies gains in asymmetric information possibly through learning and/or reduced search costs.</p>\",\"PeriodicalId\":22891,\"journal\":{\"name\":\"The Journal of Real Estate Finance and Economics\",\"volume\":\"2015 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-04-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The Journal of Real Estate Finance and Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1007/s11146-024-09986-z\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Journal of Real Estate Finance and Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1007/s11146-024-09986-z","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
This article conducts a comprehensive analysis of the potential returns from investing in residential real property, with a special interest in any added gains due to trading larger volumes. Since the literature suggests that they are at a bargaining disadvantage, one notable finding is that individuals earn price benefits like so-called professional investors. Upon controlling for myriad well-known bargaining channels as well as investors’ demand characteristics, we find the mean price gains due to bargaining for individuals range from 4.2% for the lower volume investors (3–4 homes) to more than 7% for the highest volume traders (13 + properties). These average returns are for both buyers and sellers. Professionals exhibit bargaining acumen beginning with their first transactions (6.4%) and garner returns like individuals at higher volume levels (7.3%). The finding of investors’ bargaining effects generally increasing with greater volume implies gains in asymmetric information possibly through learning and/or reduced search costs.