{"id":"https://openalex.org/W4220821827","doi":"https://doi.org/10.3390/axioms11040145","title":"The Effect of Financial Market Factors on House Prices: An Expected Utility Three-Asset Approach","display_name":"The Effect of Financial Market Factors on House Prices: An Expected Utility Three-Asset Approach","publication_year":2022,"publication_date":"2022-03-22","ids":{"openalex":"https://openalex.org/W4220821827","doi":"https://doi.org/10.3390/axioms11040145"},"language":"en","primary_location":{"id":"doi:10.3390/axioms11040145","is_oa":true,"landing_page_url":"https://doi.org/10.3390/axioms11040145","pdf_url":"https://www.mdpi.com/2075-1680/11/4/145/pdf?version=1648027853","source":{"id":"https://openalex.org/S4210173132","display_name":"Axioms","issn_l":"2075-1680","issn":["2075-1680"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Axioms","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2075-1680/11/4/145/pdf?version=1648027853","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5077201791","display_name":"Yehui Wang","orcid":"https://orcid.org/0000-0001-9051-2226"},"institutions":[{"id":"https://openalex.org/I59483232","display_name":"Shandong University of Finance and Economics","ror":"https://ror.org/02e2nnq08","country_code":"CN","type":"education","lineage":["https://openalex.org/I59483232"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yehui Wang","raw_affiliation_strings":["Department of Economics, Shandong University of Finance and Economics, Jinan 250014, China"],"affiliations":[{"raw_affiliation_string":"Department of Economics, Shandong University of Finance and Economics, Jinan 250014, China","institution_ids":["https://openalex.org/I59483232"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5068343244","display_name":"Jianxu Liu","orcid":null},"institutions":[{"id":"https://openalex.org/I48076826","display_name":"Chiang Mai University","ror":"https://ror.org/05m2fqn25","country_code":"TH","type":"education","lineage":["https://openalex.org/I48076826"]},{"id":"https://openalex.org/I59483232","display_name":"Shandong University of Finance and Economics","ror":"https://ror.org/02e2nnq08","country_code":"CN","type":"education","lineage":["https://openalex.org/I59483232"]}],"countries":["CN","TH"],"is_corresponding":true,"raw_author_name":"Jianxu Liu","raw_affiliation_strings":["Center of Excellence in Econometrics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand","Department of Economics, Shandong University of Finance and Economics, Jinan 250014, China"],"affiliations":[{"raw_affiliation_string":"Center of Excellence in Econometrics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand","institution_ids":["https://openalex.org/I48076826"]},{"raw_affiliation_string":"Department of Economics, Shandong University of Finance and Economics, Jinan 250014, China","institution_ids":["https://openalex.org/I59483232"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5078523102","display_name":"Zhaolin Qiu","orcid":"https://orcid.org/0000-0001-6710-1541"},"institutions":[{"id":"https://openalex.org/I59483232","display_name":"Shandong University of Finance and Economics","ror":"https://ror.org/02e2nnq08","country_code":"CN","type":"education","lineage":["https://openalex.org/I59483232"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Zhaolin Qiu","raw_affiliation_strings":["Department of Economics, Shandong University of Finance and Economics, Jinan 250014, China"],"affiliations":[{"raw_affiliation_string":"Department of Economics, Shandong University of Finance and Economics, Jinan 250014, China","institution_ids":["https://openalex.org/I59483232"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5058887761","display_name":"Songsak Sriboonchitta","orcid":"https://orcid.org/0000-0002-3511-5452"},"institutions":[{"id":"https://openalex.org/I48076826","display_name":"Chiang Mai University","ror":"https://ror.org/05m2fqn25","country_code":"TH","type":"education","lineage":["https://openalex.org/I48076826"]}],"countries":["TH"],"is_corresponding":false,"raw_author_name":"Songsak Sriboonchitta","raw_affiliation_strings":["Center of Excellence in Econometrics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand"],"affiliations":[{"raw_affiliation_string":"Center of Excellence in Econometrics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand","institution_ids":["https://openalex.org/I48076826"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5068343244"],"corresponding_institution_ids":["https://openalex.org/I48076826","https://openalex.org/I59483232"],"apc_list":{"value":1400,"currency":"CHF","value_usd":1515},"apc_paid":{"value":1400,"currency":"CHF","value_usd":1515},"fwci":0.2739,"has_fulltext":true,"cited_by_count":1,"citation_normalized_percentile":{"value":0.71397424,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":90,"max":94},"biblio":{"volume":"11","issue":"4","first_page":"145","last_page":"145"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.9997000098228455,"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"}},"topics":[{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.9997000098228455,"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"}},{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.9901000261306763,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9787999987602234,"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/mark-to-model","display_name":"Mark to model","score":0.7035856246948242},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.6146985292434692},{"id":"https://openalex.org/keywords/volatility","display_name":"Volatility (finance)","score":0.5488505959510803},{"id":"https://openalex.org/keywords/asset","display_name":"Asset (computer security)","score":0.5204718112945557},{"id":"https://openalex.org/keywords/financial-market","display_name":"Financial market","score":0.4990553855895996},{"id":"https://openalex.org/keywords/financial-asset","display_name":"Financial asset","score":0.48964983224868774},{"id":"https://openalex.org/keywords/sharpe-ratio","display_name":"Sharpe ratio","score":0.45746877789497375},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.44934025406837463},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.4435601830482483},{"id":"https://openalex.org/keywords/house-price","display_name":"House price","score":0.42781826853752136},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.3463914394378662},{"id":"https://openalex.org/keywords/market-depth","display_name":"Market depth","score":0.19770029187202454},{"id":"https://openalex.org/keywords/stock-market","display_name":"Stock market","score":0.10166656970977783}],"concepts":[{"id":"https://openalex.org/C97713585","wikidata":"https://www.wikidata.org/wiki/Q6770534","display_name":"Mark to model","level":5,"score":0.7035856246948242},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6146985292434692},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.5488505959510803},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.5204718112945557},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4990553855895996},{"id":"https://openalex.org/C2778705799","wikidata":"https://www.wikidata.org/wiki/Q2823610","display_name":"Financial asset","level":2,"score":0.48964983224868774},{"id":"https://openalex.org/C139938925","wikidata":"https://www.wikidata.org/wiki/Q1501898","display_name":"Sharpe ratio","level":3,"score":0.45746877789497375},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.44934025406837463},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4435601830482483},{"id":"https://openalex.org/C2992949716","wikidata":"https://www.wikidata.org/wiki/Q512599","display_name":"House price","level":2,"score":0.42781826853752136},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3463914394378662},{"id":"https://openalex.org/C33400823","wikidata":"https://www.wikidata.org/wiki/Q1419119","display_name":"Market depth","level":4,"score":0.19770029187202454},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.10166656970977783},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"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/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"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/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3390/axioms11040145","is_oa":true,"landing_page_url":"https://doi.org/10.3390/axioms11040145","pdf_url":"https://www.mdpi.com/2075-1680/11/4/145/pdf?version=1648027853","source":{"id":"https://openalex.org/S4210173132","display_name":"Axioms","issn_l":"2075-1680","issn":["2075-1680"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Axioms","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:53aab530abb248429a13ddf6cc196036","is_oa":true,"landing_page_url":"https://doaj.org/article/53aab530abb248429a13ddf6cc196036","pdf_url":null,"source":{"id":"https://openalex.org/S112646816","display_name":"SHILAP Revista de lepidopterolog\u00eda","issn_l":"0300-5267","issn":["0300-5267","2340-4078"],"is_oa":true,"is_in_doaj":true,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Axioms, Vol 11, Iss 4, p 145 (2022)","raw_type":"article"},{"id":"pmh:oai:mdpi.com:/2075-1680/11/4/145/","is_oa":true,"landing_page_url":"https://dx.doi.org/10.3390/axioms11040145","pdf_url":null,"source":{"id":"https://openalex.org/S4306400947","display_name":"MDPI (MDPI AG)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I4210097602","host_organization_name":"Multidisciplinary Digital Publishing Institute (Switzerland)","host_organization_lineage":["https://openalex.org/I4210097602"],"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":"Axioms; Volume 11; Issue 4; Pages: 145","raw_type":"Text"}],"best_oa_location":{"id":"doi:10.3390/axioms11040145","is_oa":true,"landing_page_url":"https://doi.org/10.3390/axioms11040145","pdf_url":"https://www.mdpi.com/2075-1680/11/4/145/pdf?version=1648027853","source":{"id":"https://openalex.org/S4210173132","display_name":"Axioms","issn_l":"2075-1680","issn":["2075-1680"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Axioms","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.46000000834465027,"id":"https://metadata.un.org/sdg/11","display_name":"Sustainable cities and communities"}],"awards":[{"id":"https://openalex.org/G3084721425","display_name":null,"funder_award_id":"support","funder_id":"https://openalex.org/F4320321529","funder_display_name":"Chiang Mai University"}],"funders":[{"id":"https://openalex.org/F4320311026","display_name":"Shandong University","ror":"https://ror.org/0207yh398"},{"id":"https://openalex.org/F4320321529","display_name":"Chiang Mai University","ror":"https://ror.org/05m2fqn25"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4220821827.pdf","grobid_xml":"https://content.openalex.org/works/W4220821827.grobid-xml"},"referenced_works_count":34,"referenced_works":["https://openalex.org/W1518049908","https://openalex.org/W1544361612","https://openalex.org/W1569368991","https://openalex.org/W1588113742","https://openalex.org/W1753383671","https://openalex.org/W1861714652","https://openalex.org/W1970035215","https://openalex.org/W1974770692","https://openalex.org/W1977104025","https://openalex.org/W2030020516","https://openalex.org/W2030476118","https://openalex.org/W2043434781","https://openalex.org/W2052115379","https://openalex.org/W2063222164","https://openalex.org/W2117338258","https://openalex.org/W2119143694","https://openalex.org/W2143111249","https://openalex.org/W2149079685","https://openalex.org/W2157989656","https://openalex.org/W2494253123","https://openalex.org/W2596220889","https://openalex.org/W2964229781","https://openalex.org/W3013598433","https://openalex.org/W3111581215","https://openalex.org/W3122682956","https://openalex.org/W3125524440","https://openalex.org/W4206774763","https://openalex.org/W4241584625","https://openalex.org/W6632623872","https://openalex.org/W6634212009","https://openalex.org/W6635348049","https://openalex.org/W6637814625","https://openalex.org/W6775729593","https://openalex.org/W6807091881"],"related_works":["https://openalex.org/W2789349560","https://openalex.org/W4285072317","https://openalex.org/W2526595070","https://openalex.org/W1671376085","https://openalex.org/W3161999020","https://openalex.org/W125754343","https://openalex.org/W1988222937","https://openalex.org/W2035299126","https://openalex.org/W3122847291","https://openalex.org/W2498472095"],"abstract_inverted_index":{"This":[0],"study":[1],"aimed":[2],"to":[3,50,165],"theoretically":[4],"identify":[5],"the":[6,10,18,23,41,44,51,72,86,89,93,105,120,129,137,140,143,146,149,155,174,177,181],"impact":[7],"factors":[8],"of":[9,25,36,75,92,145,148],"financial":[11,27,116,122,125,134],"market":[12,117,123,126],"on":[13,62,79],"house":[14,37,80,109,161,168],"prices.":[15,38],"Developed":[16],"upon":[17],"two-asset":[19,42],"model":[20,31],"and":[21,128,133,142,153],"with":[22,40],"consideration":[24],"risky":[26],"assets,":[28],"our":[29],"three-asset":[30],"reveals":[32],"a":[33,57],"new":[34],"derivation":[35],"Compared":[39],"model,":[43],"newly":[45],"emerged":[46],"term":[47,78,95],"is":[48,56,82,96,171],"similar":[49],"Sharpe":[52],"\u03b2;":[53],"therefore,":[54],"it":[55,170],"risk":[58,77,94],"premium":[59],"term.":[60],"Based":[61],"China\u2019s":[63],"2001\u20132018":[64],"panel":[65],"data,":[66],"theoretical":[67],"derivations":[68],"are":[69,111],"examined.":[70],"However,":[71],"short-term":[73],"effect":[74,91],"this":[76],"prices":[81,110],"practically":[83],"small.":[84],"Given":[85],"nonlinear":[87],"pattern,":[88],"long-term":[90],"checked":[97],"by":[98,114],"repeated":[99],"stochastic":[100],"simulation.":[101],"The":[102],"results":[103],"imply":[104],"following:":[106],"(i)":[107],"real":[108,167],"nonlinearly":[112],"affected":[113],"three":[115],"factors,":[118],"namely,":[119],"expected":[121],"return,":[124],"volatility,":[127],"correlation":[130,138,158],"between":[131,180],"housing":[132],"markets;":[135],"(ii)":[136],"determines":[139],"signs":[141],"significance":[144],"effects":[147],"other":[150],"two":[151,182],"factors;":[152],"(iii)":[154],"naturally":[156],"changed":[157],"causes":[159],"periodic":[160],"price":[162],"fluctuations.":[163],"Therefore,":[164],"stabilize":[166],"prices,":[169],"recommended":[172],"that":[173],"government":[175],"control":[176],"money":[178],"flow":[179],"markets.":[183]},"counts_by_year":[{"year":2022,"cited_by_count":1}],"updated_date":"2026-04-10T15:06:20.359241","created_date":"2025-10-10T00:00:00"}