Workshop Title:

Behavioral Finance Factors in Applied Finance


February 3rd, 2023 (AEDT)


Business School, The University of New South Wales (UNSW)


  • Mortgage Lending
  • House Price Growth
  • Loan Performance

Workshop Chair:

Dr. 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 Description:


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.


The workshop "Behavioral Finance Factors in Applied Finance" was successfully held on February 3, 2023, at the UNSW Business School, presented by Associate Professor Kristle Romero Cortés. The roughly 20 academics attending the workshop were mainly senior lecturers and associate professors in the School of Banking and Finance. The workshop showcased the latest findings of the effects of behavioral factors in the real estate market. There was a robust discussion about the long-term pricing effects of the Auction sales method and the potential risks involved. The impact of the research will inform both sellers and buyers, and the practical implications show how important it is to consider behavioral factors when interacting in finance markets with asymmetric information.

Workshop Committee Members:

Dr. Kristle Romero Cortés; UNSW Business School

Dr. Cara Vansteenkiste; UNSW Business School

Dr. Helena Bang; UNSW Business School


UNSW Business School (E12), Cnr Union Rd & College Rd, UNSW Sydney, Kensington NSW 2052, Australia


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