Proposed Title of Workshop:

Behavioral Finance Factors in Applied Finance


UNSW Business School


  • Mortgage Lending
  • House Price Growth
  • Loan Performance

Workshop Chair:

Kristle Romero Cortés, Associate Professor in UNSW Business School

Personal Bio:

Dr. Kristle Cortés is an Associate Professor in the School of Banking and Finance in the Business School at the University of New South Wales. Her research interests include financial intermediation, empirical corporate finance, entrepreneurial finance, and the structure, optimization, and regulatory practices of the financial services industry. Dr. Cortés previously worked for the Federal Reserve Bank of Cleveland where, in addition to her research, she took part in the Federal Open Market Committee process. Her work has been published in the Journal of Financial Economics, The Review of Economics and Statistics and The Review of Corporate Finance Studies. Dr. Cortés has a PhD in finance from Boston College and a BA in economics and philosophy from Northwestern University.

Workshop Committee Members:

Dr. Kristle Romero Cortés; UNSW Business School

Dr. Cara Vansteenkiste; UNSW Business School

Dr. Helena Bang; UNSW Business School


FEBRUARY 3, 2023


UNSW Business School



Current residential real estate property valuation depends highly on comparables and hedonic models for appraisals. Recent studies show that the method of sale i.e. "auction", "for sale" etc. matters for aggregate property price dynamics. However, no study looks specifically at the "auction" method of sale on long-term pricing implications, particularly in the event of auction failure. This key feature has important valuation implications.

Goal / Rationale

The purpose of this study is to measure the long-run pricing implications of the auction sales method, provide tools to minimize auction failure and strategies for mitigating the negative effects of the failure on the final sales price.

While auctions have been historically used in metropolitan areas, namely Sydney and Melbourne, they are gaining favor in regional areas that experienced increased housing demand in recent years with the tendency to allow for remote work.

The results from this project will inform and improve the current housing valuation methodology for both metropolitan and regional areas, which typically have different data availability.

Scope and Information for participants

Our results can also provide strategies in the event of auction failure to dampen the negative pricing effects with respect to timing and subsequent auction attempts.

The research is timely in the current market and improves valuation techniques of residential Real estate overall.

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