Informational efficiency of the real estate market: A meta-analysis

Herath, Shanaka and Maier, Gunther (2015) Informational efficiency of the real estate market: A meta-analysis. Journal of Economic Research, 20 (2). pp. 117-168. ISSN 1226-4261

Available under License Creative Commons Attribution Non-commercial 3.0 Austria (CC BY-NC 3.0 AT).

Download (507kB)


The growing empirical literature testing informational efficiency of real estate markets uses data from various contexts and at different levels of aggregation. The results of these studies are mixed. We use a distinctive meta-analysis to examine whether some of these study characteristics and contexts lead to a significantly higher chance for identification of an efficient real estate market. The results generated through meta-regression suggest that use of stock market data and individual level data, rather than aggregate data, significantly improves the probability of a study concluding efficiency. Additionally, the findings neither provide support for the suspicion that the view of market efficiency has significantly changed over the years nor do they indicate a publication bias resulting from such a view. The statistical insignificance of other study characteristics suggests that the outcome concerning efficiency is a context-specific random manifestation for the most part. (authors' abstract)

Item Type: Article
Keywords: real estate / market efficiency / meta-analysis / logistic model / mixed-effects
Divisions: Departments > Sozioökonomie > Multi-Level Governance and Development
Forschungsinstitute > Raum- und Immobilienwirtschaft
Version of the Document: Published
Variance from Published Version: None
Depositing User: Elena Simukovic
Date Deposited: 14 Dec 2015 12:01
Last Modified: 11 Jan 2017 13:10
Related URLs:


View Item View Item


Downloads per month over past year

View more statistics