Abstract
This paper investigates the impact of privately-administered architectural review boardson property price and marketing time and, thus, their financial efficacy. Additionally, thepaper demonstrates the usefulness of two-stage least squares regression as a modelingtechnique to better capture the simultaneous determination of property price andproperty marketing time. Robust results across two-stage least squares estimations andmore traditional employed hedonic and hazard model estimations show that propertiessubject to architectural review board oversight experience a significantly higher sellingprice and a simultaneous reduction in marketing span, ceteris paribus.
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