演讲主题: Information Sharing across MLS Platforms and Housing Prices: Evidence from a Temporary Suspension of an Agreement
主 讲 人: 杨柳明，香港中文大学商学院助理教授
主 持 人: 王秭移，财务金融系讲师
活动时间: 2023年9月16日（周六） 10:30-12:00
This study examines the impact of an information shock on the listing outcomes of digital trading platforms. It reports a unique case of the suspension of a data sharing agreement between two Multiple Listing Services (MLS) in South Florida, and investigates the impact of such a (negative) information shock on the sales outcomes of properties on the MLS platforms. The paper first develops a theoretical model involving search and matching frictions, which predicts discounted trading prices being correlated to the degree of cross-MLS brokers' collaboration. Using data involving property listings from the two MLSs, the paper then presents a series of regression analyses and depicts that there is approximately a 3% price reduction during the data suspension period. This result confirms the theoretical model's predictions, and remains stable and consistent under various robustness checks. Our results also reveal heterogeneous pricing and liquidity effects due to such an information shock.