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dc.contributor.authorFraser, Patriciaen_NZ
dc.contributor.authorHoesli, Martinen_NZ
dc.contributor.authorMcAlevey, Lynnen_NZ
dc.date.available2011-04-07T03:18:58Z
dc.date.copyright2006-11-24en_NZ
dc.identifier.citationFraser, P., Hoesli, M., & McAlevey, L. (2006, November 24). House prices and bubbles in New Zealand. University of Otago Department of Finance Seminar Series.en
dc.identifier.urihttp://hdl.handle.net/10523/1521
dc.description.abstractMuch 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.en_NZ
dc.format.mimetypeapplication/pdf
dc.format.mimetypeapplication/vnd.ms-powerpoint
dc.relation.ispartofUniversity of Otago Department of Finance Seminar Seriesen_NZ
dc.relation.urihttp://www.business.otago.ac.nz/finc/research/seminars_06.htmlen_NZ
dc.subjectmomentum bubblesen_NZ
dc.subjectexplosive bubblesen_NZ
dc.subjectintrinsic bubblesen_NZ
dc.subjectNZ housing marketen_NZ
dc.subject.lcshHF Commerceen_NZ
dc.subject.lcshHF5601 Accountingen_NZ
dc.subject.lcshHG Financeen_NZ
dc.titleHouse prices and bubbles in New Zealanden_NZ
dc.typeConference or Workshop Item (Seminar, Speech or Other Presentation)en_NZ
dc.description.versionUnpublisheden_NZ
otago.bitstream.pages33en_NZ
otago.date.accession2007-04-12en_NZ
otago.schoolFinanceen_NZ
otago.openaccessOpen
otago.place.publicationDunedin, New Zealanden_NZ
dc.identifier.eprints612en_NZ
dc.description.refereedNon Peer Revieweden_NZ
otago.school.eprintsFinance & Quantitative Analysisen_NZ
dc.description.referencesQuarterly periods from 1970:1 through to 2005:4. House prices data: Quotable Value New Zealand’s Residential Sales Summary quarterly publications and the Reserve Bank. This index measures average prices of freehold house sales adjusted for the quality mix of sales in each period. Equity data: Ibbotson Associates Long-Term Government Bond: Ibbotson Associates database. Consumer Price Index: Reserve Bank - used to deflate asset data Real disposable income: Statistics New Zealand. Abraham and Hendershott, 1996, Ayuso and Restoy, 2003, Chan et al., 2001, Bourassa and Hendershott, 1995, Hort, 1998, Bourassa et al., 2001, Levin and Wright, 1997, Roehner, 1999, Roche, 2001, Reserve Bank NZ, Van den Noord 2006, Englund et al., 2002; Flavin and Yamashita, 2002en_NZ
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