{"id":"https://openalex.org/W4380077889","doi":"https://doi.org/10.2478/remav-2023-0009","title":"The Impact of Investor Sentiment on Housing Prices and the Property Stock Index Volatility in South Africa","display_name":"The Impact of Investor Sentiment on Housing Prices and the Property Stock Index Volatility in South Africa","publication_year":2023,"publication_date":"2023-06-01","ids":{"openalex":"https://openalex.org/W4380077889","doi":"https://doi.org/10.2478/remav-2023-0009"},"language":"en","primary_location":{"id":"doi:10.2478/remav-2023-0009","doi":"https://doi.org/10.2478/remav-2023-0009","is_oa":true,"landing_page_url":"https://doi.org/10.2478/remav-2023-0009","pdf_url":"https://sciendo.com/pdf/10.2478/remav-2023-0009","source":{"id":"https://openalex.org/S2764824119","display_name":"Real Estate Management and Valuation","issn_l":"1733-2478","issn":["1733-2478","2300-5289"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320322","host_organization_name":"De Gruyter Open","host_organization_lineage":["https://openalex.org/P4310320322","https://openalex.org/P4310313990"],"host_organization_lineage_names":["De Gruyter Open","De Gruyter"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Real Estate Management and Valuation","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://sciendo.com/pdf/10.2478/remav-2023-0009","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5006440903","display_name":"Paul\u2010Francois Muzindutsi","orcid":"https://orcid.org/0000-0002-4819-8218","observed_orcids":["https://orcid.org/0000-0002-4819-8218"]},"institutions":[{"id":"https://openalex.org/I95023434","display_name":"University of KwaZulu-Natal","ror":"https://ror.org/04qzfn040","country_code":"ZA","type":"education","lineage":["https://openalex.org/I95023434"]}],"countries":["ZA"],"is_corresponding":true,"raw_author_name":"Paul-Francois Muzindutsi","raw_affiliation_strings":["School of Accounting, Economics and Finance , University of KwaZulu-Natal , University Road, Westville Bag X 5400, Durban 4000 , South Africa"],"raw_orcid":"https://orcid.org/0000-0002-4819-8218","affiliations":[{"raw_affiliation_string":"School of Accounting, Economics and Finance , University of KwaZulu-Natal , University Road, Westville Bag X 5400, Durban 4000 , South Africa","institution_ids":["https://openalex.org/I95023434"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5087461566","display_name":"Richard Apau","orcid":"https://orcid.org/0000-0003-2712-3169","observed_orcids":["https://orcid.org/0000-0003-2712-3169"]},"institutions":[{"id":"https://openalex.org/I95023434","display_name":"University of KwaZulu-Natal","ror":"https://ror.org/04qzfn040","country_code":"ZA","type":"education","lineage":["https://openalex.org/I95023434"]}],"countries":["ZA"],"is_corresponding":false,"raw_author_name":"Richard Apau","raw_affiliation_strings":["School of Accounting, Economics and Finance , University of KwaZulu-Natal , University Road, Westville Bag X 5400, Durban 4000 , South Africa"],"raw_orcid":"https://orcid.org/0000-0003-2712-3169","affiliations":[{"raw_affiliation_string":"School of Accounting, Economics and Finance , University of KwaZulu-Natal , University Road, Westville Bag X 5400, Durban 4000 , South Africa","institution_ids":["https://openalex.org/I95023434"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5070473537","display_name":"Lorraine Muguto","orcid":"https://orcid.org/0000-0003-0397-9763","observed_orcids":["https://orcid.org/0000-0003-0397-9763"]},"institutions":[{"id":"https://openalex.org/I95023434","display_name":"University of KwaZulu-Natal","ror":"https://ror.org/04qzfn040","country_code":"ZA","type":"education","lineage":["https://openalex.org/I95023434"]}],"countries":["ZA"],"is_corresponding":false,"raw_author_name":"Lorraine Muguto","raw_affiliation_strings":["School of Accounting, Economics and Finance , University of KwaZulu-Natal , University Road, Westville Bag X 5400, Durban 4000 , South Africa"],"raw_orcid":"https://orcid.org/0000-0003-0397-9763","affiliations":[{"raw_affiliation_string":"School of Accounting, Economics and Finance , University of KwaZulu-Natal , University Road, Westville Bag X 5400, Durban 4000 , South Africa","institution_ids":["https://openalex.org/I95023434"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5046535157","display_name":"Hilary Tinotenda Muguto","orcid":"https://orcid.org/0000-0003-2367-3980","observed_orcids":["https://orcid.org/0000-0003-2367-3980"]},"institutions":[{"id":"https://openalex.org/I95023434","display_name":"University of KwaZulu-Natal","ror":"https://ror.org/04qzfn040","country_code":"ZA","type":"education","lineage":["https://openalex.org/I95023434"]}],"countries":["ZA"],"is_corresponding":false,"raw_author_name":"Hilary Tinotenda Muguto","raw_affiliation_strings":["School of Accounting, Economics and Finance , University of KwaZulu-Natal , University Road, Westville Bag X 5400, Durban 4000 , South Africa"],"raw_orcid":"https://orcid.org/0000-0003-2367-3980","affiliations":[{"raw_affiliation_string":"School of Accounting, Economics and Finance , University of KwaZulu-Natal , University Road, Westville Bag X 5400, Durban 4000 , South Africa","institution_ids":["https://openalex.org/I95023434"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5006440903"],"corresponding_institution_ids":["https://openalex.org/I95023434"],"apc_list":null,"apc_paid":null,"fwci":3.0357,"has_fulltext":true,"cited_by_count":17,"citation_normalized_percentile":{"value":0.91999433,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"31","issue":"2","first_page":"1","last_page":"17"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.4528999924659729,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.4528999924659729,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.3061999976634979,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.21610000729560852,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/investor-sentiment","display_name":"investor sentiment","score":1.0},{"id":"https://openalex.org/keywords/housing-prices","display_name":"housing prices","score":0.9990000128746033},{"id":"https://openalex.org/keywords/conditional-volatility","display_name":"conditional variance","score":0.7929999828338623},{"id":"https://openalex.org/keywords/real-estate-returns","display_name":"real estate returns","score":0.7409999966621399},{"id":"https://openalex.org/keywords/risk-premium","display_name":"risk premium","score":0.7710000276565552},{"id":"https://openalex.org/keywords/market-segmentation","display_name":"market segmentation","score":0.5400000214576721},{"id":"https://openalex.org/keywords/investor-redemptions","display_name":"investor redemptions","score":0.6819999814033508},{"id":"https://openalex.org/keywords/south-africa","display_name":"South Africa","score":0.38199999928474426}],"concepts":[{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.6911525726318359},{"id":"https://openalex.org/C23922673","wikidata":"https://www.wikidata.org/wiki/Q180752","display_name":"Autoregressive conditional heteroskedasticity","level":3,"score":0.6632671356201172},{"id":"https://openalex.org/C82279013","wikidata":"https://www.wikidata.org/wiki/Q684740","display_name":"Real estate","level":2,"score":0.6224642395973206},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.574644923210144},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5473343729972839},{"id":"https://openalex.org/C180916674","wikidata":"https://www.wikidata.org/wiki/Q3711935","display_name":"Diversification (marketing strategy)","level":2,"score":0.5200690627098083},{"id":"https://openalex.org/C2781410264","wikidata":"https://www.wikidata.org/wiki/Q440364","display_name":"Market sentiment","level":2,"score":0.5148683786392212},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.49528399109840393},{"id":"https://openalex.org/C2777382242","wikidata":"https://www.wikidata.org/wiki/Q6017816","display_name":"Index (typography)","level":2,"score":0.481972873210907},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4142831563949585},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.4120495021343231},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4069034159183502},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.27427375316619873},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.14488735795021057},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C136764020","wikidata":"https://www.wikidata.org/wiki/Q466","display_name":"World Wide Web","level":1,"score":0.0},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.2478/remav-2023-0009","doi":"https://doi.org/10.2478/remav-2023-0009","is_oa":true,"landing_page_url":"https://doi.org/10.2478/remav-2023-0009","pdf_url":"https://sciendo.com/pdf/10.2478/remav-2023-0009","source":{"id":"https://openalex.org/S2764824119","display_name":"Real Estate Management and Valuation","issn_l":"1733-2478","issn":["1733-2478","2300-5289"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320322","host_organization_name":"De Gruyter Open","host_organization_lineage":["https://openalex.org/P4310320322","https://openalex.org/P4310313990"],"host_organization_lineage_names":["De Gruyter Open","De Gruyter"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Real Estate Management and Valuation","raw_type":"journal-article"},{"id":"pmh:oai:dspacecris-nc1.mandela.ac.za:10948/2050740","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/10948/2050740","pdf_url":"https://dspacecris-nc1.mandela.ac.za/bitstreams/b91c1ae9-64b7-42a7-a423-3ef22f379158/download","source":{"id":"https://openalex.org/S7407089438","display_name":"Nelson Mandela University Research Repository","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Journal Article"},{"id":"pmh:oai:doaj.org/article:c852a49ad611436d9fc40fee3abac26d","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/c852a49ad611436d9fc40fee3abac26d","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Real Estate Management and Valuation, Vol 31, Iss 2, Pp 1-17 (2023)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.2478/remav-2023-0009","doi":"https://doi.org/10.2478/remav-2023-0009","is_oa":true,"landing_page_url":"https://doi.org/10.2478/remav-2023-0009","pdf_url":"https://sciendo.com/pdf/10.2478/remav-2023-0009","source":{"id":"https://openalex.org/S2764824119","display_name":"Real Estate Management and Valuation","issn_l":"1733-2478","issn":["1733-2478","2300-5289"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320322","host_organization_name":"De Gruyter Open","host_organization_lineage":["https://openalex.org/P4310320322","https://openalex.org/P4310313990"],"host_organization_lineage_names":["De Gruyter Open","De Gruyter"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Real Estate Management and Valuation","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4380077889.pdf","grobid_xml":"https://content.openalex.org/works/W4380077889.grobid-xml"},"referenced_works_count":52,"referenced_works":["https://openalex.org/W80887874","https://openalex.org/W1485540396","https://openalex.org/W1492362433","https://openalex.org/W1887592854","https://openalex.org/W1895168825","https://openalex.org/W1946201035","https://openalex.org/W1975269535","https://openalex.org/W1979575715","https://openalex.org/W1987860247","https://openalex.org/W1999814123","https://openalex.org/W1999996900","https://openalex.org/W2045917212","https://openalex.org/W2046039802","https://openalex.org/W2052758069","https://openalex.org/W2056135998","https://openalex.org/W2061160212","https://openalex.org/W2074812030","https://openalex.org/W2080137164","https://openalex.org/W2116215885","https://openalex.org/W2117019869","https://openalex.org/W2131773668","https://openalex.org/W2144670019","https://openalex.org/W2161562466","https://openalex.org/W2207092291","https://openalex.org/W2225809978","https://openalex.org/W2257098115","https://openalex.org/W2302437284","https://openalex.org/W2315263086","https://openalex.org/W2625629474","https://openalex.org/W2765476425","https://openalex.org/W2797246651","https://openalex.org/W2801541366","https://openalex.org/W2884622669","https://openalex.org/W2899692904","https://openalex.org/W2935595597","https://openalex.org/W2944601482","https://openalex.org/W2977802017","https://openalex.org/W2991425253","https://openalex.org/W2997556186","https://openalex.org/W3001724009","https://openalex.org/W3025488509","https://openalex.org/W3033576356","https://openalex.org/W3048397975","https://openalex.org/W3090199872","https://openalex.org/W3122589741","https://openalex.org/W3122665146","https://openalex.org/W3122914905","https://openalex.org/W3124986135","https://openalex.org/W3125757961","https://openalex.org/W3167585398","https://openalex.org/W3208494686","https://openalex.org/W4238806401"],"related_works":["https://openalex.org/W4416940760","https://openalex.org/W4317938300","https://openalex.org/W4389633784","https://openalex.org/W6977675374","https://openalex.org/W4385831131","https://openalex.org/W80887874","https://openalex.org/W2801541366","https://openalex.org/W194772915","https://openalex.org/W4311924697","https://openalex.org/W2080137164"],"abstract_inverted_index":{"Abstract":[0],"While":[1],"prior":[2],"studies":[3],"have":[4],"examined":[5],"the":[6,24,27,40,50,56,82,86,107,120,138,145],"predictive":[7,117],"effect":[8,29,51],"of":[9,30,42,52,59,85,102,122,147,174,181],"macroeconomic":[10],"and":[11,49,71,99,124,130,152],"country":[12],"risk":[13,83],"components":[14],"on":[15,33,45,55,119],"property":[16,87,90,103],"stock":[17],"index":[18],"dynamics,":[19],"limited":[20],"explanations":[21],"exist":[22],"in":[23,96,110,127],"literature":[25],"regarding":[26],"time-varying":[28],"investor":[31,43,53,77,97,111,168,176],"sentiment":[32,44,54,78,114,169],"housing":[34,46,60,140],"prices.":[35],"Accordingly,":[36],"this":[37],"study":[38],"assesses":[39],"impact":[41,81],"properties\u2019":[47],"returns":[48,91,104],"conditional":[57,100],"volatility":[58,101],"price":[61],"indices":[62],"under":[63,179],"different":[64],"market":[65,132,141],"conditions,":[66],"using":[67],"GARCH,":[68],"GJR-GARCH,":[69],"E-GARCH":[70],"Markov-switching":[72],"VAR":[73],"models.":[74],"We":[75],"found":[76],"to":[79],"significantly":[80],"premium":[84],"returns,":[88],"where":[89],"increased":[92],"with":[93,106],"positive":[94,116],"changes":[95,109],"sentiment,":[98],"decreased":[105],"same":[108],"sentiment.":[112],"Investor":[113],"exerts":[115],"influences":[118],"prices":[121],"small":[123,151],"medium":[125,153],"houses,":[126],"both":[128],"bullish":[129],"bearish":[131],"conditions":[133,180],"but":[134],"does":[135],"not":[136],"affect":[137],"large":[139,160],"segment.":[142],"This":[143],"makes":[144],"implementation":[146],"risk-related":[148],"diversification":[149],"across":[150],"real":[154,161],"estate":[155,162],"portfolios":[156],"more":[157],"effective":[158],"than":[159],"portfolios.":[163],"Our":[164],"findings":[165],"show":[166],"that":[167],"is":[170],"a":[171],"plausible":[172],"driver":[173],"mass":[175],"redemption":[177],"actions":[178],"uncertainty.":[182]},"counts_by_year":[{"year":2026,"cited_by_count":4},{"year":2025,"cited_by_count":6},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":1}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2023-06-10T00:00:00"}
