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The Impact of Information Disclosure on Price Fluctuations and Housing Bubbles: An Experimental Study

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  • Yang Zhang
  • Hong Zhang
  • Michael J. Seiler

Abstract

Using an experimental design, we examine the impact of information disclosure on housing market efficiency. We find that as information disclosure increases, forecasted home prices, listing prices, and transaction prices all show statistically significant reductions in volatility. Taken together, the likelihood of experiencing a residential pricing bubble was reduced by 57.4% as information disclosure increased. We suggest there is a need for greater information disclosure and price transparency in residential real estate as a way to stabilize a potentially volatile marketplace, which in the very recent past resulted in a global financial crisis.

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  • Yang Zhang & Hong Zhang & Michael J. Seiler, 2016. "The Impact of Information Disclosure on Price Fluctuations and Housing Bubbles: An Experimental Study," Journal of Housing Research, Taylor & Francis Journals, vol. 25(2), pages 171-193, January.
    • Handle: RePEc:taf:rjrhxx:v:25:y:2016:i:2:p:171-193
    DOI: 10.1080/10835547.2016.12092118
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