Table 2 Operationalization of outcome and explanatory variables.
Conditions | Description | Dichotomization |
|---|---|---|
Outcome variable | ||
Result | Result of the initial auction. | Failed = 0; Succeeded = 1 |
Explanatory variables | ||
Cost risk | ||
LS | LS determines the extra transaction costs for bidding on foreclosed properties. | Allocated/illegal = 0; Leased = 1 |
DTC | DTC includes various unforeseeable hidden taxes and uncertain outstanding miscellaneous fees. | No disclosure = 0; One or more disclosure = 1 |
Acquisition risk | ||
IPR | IPR is determined by the combination of “housing ownership + land-use rights”. | MH, RH, EAH/SEH, SPRH/IH = 0; CH/AH = 1 |
Usufruct risk | ||
DPR | DPR refers to the potential for buyers to realize their usufructs after achieving the bid. | Incompetent property rights/shared ownership, fraudulent contracts, illegal occupation = 0; Negotiable tenancy/full DPR = 1 |
Moderated risk | ||
CC | commitment to be accountable for defects of property rights, to remove illegal occupation, to assist homebuyers in obtaining legal ownership, and to share additional taxes. | No commitment = 0; One or more commitments = 1 |
