Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/303252 
Year of Publication: 
2024
Series/Report no.: 
ISER Discussion Paper No. 1252
Publisher: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
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 shortterm speculators.
Subjects: 
top floor units
peer group effect on consumption
speculation
submarkets
Markov switching model
JEL: 
D10
G10
R21
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.