Abstract
This paper investigates the forecasting content of real-estate-related stock prices for house prices. Using both in- and out-of-sample tests, this paper shows that real-estate-related stock price indices have extremely robust power in predicting US house prices. The empirical results are highly valuable for investors and policy makers because real-estate-related stock prices are shown to be a reliable predictor reflecting timely market information and are readily available to forecast real estate market movements.
Translated title of the contribution | 使用房地產相關股票之價格預測房價 |
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Original language | English |
Pages (from-to) | 159-182 |
Journal | Taiwan Economic Review |
Volume | 47 |
Issue number | 2 |
Publication status | Published - 2019 Jun 1 |