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House prices and bubbles in New Zealand
Fraser, Patricia; Hoesli, Martin; McAlevey, Lynn
Cite this item:
Fraser, P., Hoesli, M., & McAlevey, L. (2006, November 24). House prices and bubbles in New Zealand. University of Otago Department of Finance Seminar Series.
Permanent link to OUR Archive version:
http://hdl.handle.net/10523/1521
Abstract:
Much of bubble literature centred on financial markets.Dominant theory – if prices deviate from fundamental value for some time then a bubble is said to exist.Bubbles usually characterised in three main ways:● momentum: driven by price alone;● explosive: driven by factors extraneous to asset value;● intrinsic: driven by overreaction to fundamentals.This work: embedded in this stream of the financial economics literature but main focus is on the NZ housing market – although some stock market – housing market comparison conducted.
Date:
2006-11-24
Pages:
33
Conference:
University of Otago, Finance department, Seminar
Keywords:
momentum bubbles; explosive bubbles; intrinsic bubbles; NZ housing market