文章基本信息

标题：Modeling House Pricing in the Real Estate Market of São Paulo City
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作者：Denisard Cneio de Oliveira Alves ; Joe Akira Yoshino ; Paula Carvalho Pereda 等
期刊名称：Brazilian Review of Finance
印刷版ISSN：1984-5146
出版年度：2011
卷号：9
期号：2
页码：167-187
语种：Portuguese
出版社：Link to the Brazilian Society of Finance
摘要：Hedonic modeling has become a benchmark for pricing real assets with several intrinsic characteristics. This work tests also others dimensions for asset pricing: the quality of life in the housing neighborhood and macroeconomic variables. The data is about the real estate market in São Paulo city from January 2001 to March 2008. The main results were: the longer the maturity of mortgage financing, the larger the housing price, but decreasing interest rate spread stimulate the real estate market, and the interactions between the dummy for the boom period and either housing characteristics or bank interest rates spread show that the hedonic model loses its relative importance for pricing, while market risk variables become much more relevant. Thus, these new findings suggests that for modeling a house price index it is not sufficient to consider only average prices or a hedonic approach, but both the market and credit risks as well.
其他摘要：Hedonic modeling has become a benchmark for pricing real assets with several intrinsic characteristics. This work tests also others dimensions for asset pricing: the quality of life in the housing neighborhood and macroeconomic variables. The data is about the real estate market in São Paulo city from January 2001 to March 2008. The main results were: the longer the maturity of mortgage financing, the larger the housing price, but decreasing interest rate spread stimulate the real estate market, and the interactions between the dummy for the boom period and either housing characteristics or bank interest rates spread show that the hedonic model loses its relative importance for pricing, while market risk variables become much more relevant. Thus, these new findings suggests that for modeling a house price index it is not sufficient to consider only average prices or a hedonic approach, but both the market and credit risks as well.
关键词：Pricing Real Estate in São Paulo - Brazil;Hedonic Model Applied for Asset Pricing;Pricing Rights to Built-Home;Precificação de Imóveis em São Paulo - Brasil;Modelo Hedônico aplicado na Precificação;CEPAC: Certificado de Potencial Adicional de Construção
其他关键词：Asset pricing; Corporate Finance; Price Index;Pricing Real Estate in São Paulo - Brazil; Hedonic Model Applied for Asset Pricing; Pricing Rights to Built-Home;G12, R31, R33