A green winner's curse? Investor behavior in the market for eco-certified office buildings

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• 作者：Franz Fuerst^a ; Tommaso Gabrieli^b ; ^{t.gabrieli@ucl.ac.uk} ; Patrick McAllister^c
• 关键词：Green Building ; Eco-certification premium ; Real Estate auctions ; Winner's curse
• 刊名：Economic Modelling
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：61
• 期：Complete
• 页码：137-146
• 全文大小：932 K
• 卷排序：61

文摘

A novel analysis on market concentration and price premiums for green buildings. We find evidence of a “green winner's curse”. Investors with higher market share of eco-certified assets pay higher prices. The “green winner's curse” explains the widely observed price premium.