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Title: Risk perception and property value : evidence from Prot Tianjin Port explosion
Authors: Huang, Y 
Yip, TL 
Liang, C 
Issue Date: 2020
Source: Sustainability, 1 Feb. 2020, v. 12, no. 3, 1169, p. 1-16
Abstract: This paper aims to investigate the perceived risk after the Tianjin port explosion event and its impact on property value. In;addition to focusing'on the relationship between homebuyers' risk perception and property sales price, this paper also considers the risk perception of property sellers via the sale-to-list ratio. By using the difference-in-differences method and the sample from the property agent, we found that the explosion event generated a long-time effect on the public and property market in the city of Tianjin. Relative to those properties far away from the explosion site, the sales price and the sale-to-list ratio of the property near'the explosion site were detected to have significant drops for the first six months after the explosion event. The temporal decrease of the relative sales price and the sale-to-list ratio are the evidence of short period overreaction from the public, which decays over time. This study demonstrates an indirect method to estimate the perceived risk of the general public and provides valuable insight into sustainable port management policies.
Keywords: Tianjin port explosion
Risk perception
Property value
The housing market
Publisher: Molecular Diversity Preservation International (MDPI)
Journal: Sustainability 
EISSN: 2071-1050
DOI: 10.3390/su12031169
Rights: © 2020 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (
The following publication Huang, Y.; Yip, T.L.; Liang, C. Risk Perception and Property Value: Evidence from Tianjin Port Explosion. Sustainability 2020, 12, 1169 is available at
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