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

Shanaka Herath, Gunther Maier

Publication: Scientific journalJournal articlepeer-review

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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.
Original languageEnglish
Pages (from-to)117 - 168
JournalJournal of Economic Research
Issue number2
Publication statusPublished - 2015

Austrian Classification of Fields of Science and Technology (ÖFOS)

  • 507026 Economic geography
  • 507 not use (legacy)
  • 507023 Location development
  • 504004 Population statistics
  • 507016 Regional economy
  • 502024 Public economy
  • 502017 Logistics
  • 502037 Location planning
  • 507011 Spatial research

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