Icing on the cake : Can the Top-Floor Units serve as a status good and an investment simultaneously?

Tang, Edward Chi Ho; Leung, Charles Ka Yui

Icing on the cake : Can the Top-Floor Units serve as a status good and an investment simultaneously?

Tang, Edward Chi Ho; Leung, Charles Ka Yui

Institute of Social and Economic Research Discussion Papers, 2024, 1252, 1-119

アクセス数:117件（2025-07-10 20:36 集計）

固定URL: https://hdl.handle.net/11094/97835

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タイトル	Icing on the cake : Can the Top-Floor Units serve as a status good and an investment simultaneously?
著者	著者名 Tang, Edward Chi Ho
著者	著者名 Leung, Charles Ka Yui
キーワード等	top floor units
	peer group effect on consumption
	speculation
	submarkets
	Markov switching model
JEL分類コード (JEL)	D10
	G10
	R21
抄録	Situated atop condominium buildings, 'top floor units' (TFU) offer unparalleled views and privacy, courtesy of accessible roofs. This paper empirically examines this status symbol and finds that: (1)TFUs interact with the macroeconomy differently from ordinary units, (2)when considering the liquidity factor, TFUs should not be included in the portfolio, (3)the trade-off between holding period and annualized return for TFUs significantly differs from ordinary units, suggesting alternative investment strategies are employed for TFUs, and (4)the liquidity of the TFU segment is less stable than ordinary units, potentially deterring short-term speculators.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1252
ページ	1-119
刊行年月	2024-09
言語	英語
ハンドルURL	https://hdl.handle.net/11094/97835
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2024/DP1252.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2024, 1252, p. 1-119
DC.title	Icing on the cake : Can the Top-Floor Units serve as a status good and an investment simultaneously?
DC.creator	Tang, Edward Chi Ho
DC.creator	Leung, Charles Ka Yui
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2024-09
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2024/DP1252.pdf
DC.subject	top floor units
	peer group effect on consumption
	speculation
	submarkets
	Markov switching model
DCTERMS.abstract	Situated atop condominium buildings, 'top floor units' (TFU) offer unparalleled views and privacy, courtesy of accessible roofs. This paper empirically examines this status symbol and finds that: (1)TFUs interact with the macroeconomy differently from ordinary units, (2)when considering the liquidity factor, TFUs should not be included in the portfolio, (3)the trade-off between holding period and annualized return for TFUs significantly differs from ordinary units, suggesting alternative investment strategies are employed for TFUs, and (4)the liquidity of the TFU segment is less stable than ordinary units, potentially deterring short-term speculators.
DC.format	97835
citation_title	Icing on the cake : Can the Top-Floor Units serve as a status good and an investment simultaneously?
citation_author	Tang, Edward Chi Ho
citation_author	Leung, Charles Ka Yui
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2024-09
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1252
citation_firstpage	1
citation_lastpage	119
citation_public_url	https://hdl.handle.net/11094/97835
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2024/DP1252.pdf

Icing on the cake : Can the Top-Floor Units serve as a status good and an investment simultaneously?

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