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Paper eres2011_79:
The efficiency of the Austrian residential markets - An empirical study

id eres2011_79
authors Herath, Shanaka; Maier, Gunther
year 2011
title The efficiency of the Austrian residential markets - An empirical study
source 18th Annual European Real Estate Society Conference in Eindhoven, the Netherlands
summary An earlier paper presented at an ERES conference (Maier et al., 2010) provided evidence that energy efficient improvements in residential properties were not capitalized into prices suggesting that the Austrian residential markets are not efficient. In this paper, we further shed light on this issue by formally testing for the efficiency of the residential markets in Austria. The concept of efficiency has been examined in the literature mainly based on Fama’s (1970, 1976) three versions of the Efficient Market Hypothesis (EMH). Our strategy is to use the weak form and the semi-strong form specifications of the EMH to examine if information about past prices and other market fundamentals are already incorporated into the present prices of residential units. We use aggregate house price data published by the Austrian National Bank. To the best of our knowledge, the present study is the first such analysis for Austrian residential markets.
keywords energy property performance building management efficiency rules france, austria, residential market
series ERES:conference
content file.ppt (841,216 bytes)
discussion No discussions. Post discussion ...
session G3: Green Buildings & Valuation
last changed 2011/06/23 16:27
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