Appraiser partial adjustment behavior: evidence from T-REITs reappraisals

• Main Author: 賴靖雯
• Other Authors: Chen, Fong Yao
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/85756664926114305415

碩士 === 國立政治大學 === 地政研究所 === 97 === Previous appraisal smoothing studies were based on the appraiser rational behavior assumptions which developed by Quan and Quigley (1991) and found that appraisers do insufficiently react to market fluctuate. However, this paper starts with behavioral finance theory to investigate the partial adjustment behavior of Taiwan appraisers, using the reappraisals of Taiwan Real Estate Investment Trust (T-REITs) to show each appraiser’s behavioral intention at disaggregate level which could be diversified away at aggregate level. This study tests the partial adjustment model to observe the weights of new market information and previous estimates of the same property reappraisal. The results show that Taiwan appraisers more rely on the previous estimates, namely the conservatism bias, which will induce the appraisal smoothing at aggregate level. Further, the Tobit Model is employed to test the influence factors of appraisers’ weight on new market information, and the results show weights on new market information will be affected by appraisers’ heuristics. There is a negative effect to weights on new market information which stands for the ambiguity aversion of appraisers. It shows appraiser do concern about the reliability of market evidence which is much accord with the appraisal normative model.