Table 8 Results of cultural similarities, conduct conformity and international housing price linkage

0.012

0.024^**

0.004

−0.002

−0.001

−0.006

0.008^***

0.007^***

0.008^***

−0.011

−0.013

− 0.016

(1.67)

(3.05)

(0.58)

(−0.21)

(−0.06)

(− 0.73)

(4.61)

(4.25)

(4.37)

(−0.94)

(−0.87)

(−1.50)

HI∗

CullnRHP _t − 1

0.096^***

0.111^***

0.089^***

0.137^***

0.140^***

0.134^***

0.066^***

0.071^***

0.059^***

0.116^***

0.116^***

0.117^***

(8.54)

(9.18)

(8.22)

(8.39)

(7.93)

(8.65)

(9.31)

(8.16)

(9.41)

(7.74)

(7.73)

(7.79)

−0.172^*

−0.045

−0.167^*

−0.027

(−2.32)

(−0.62)

(−2.40)

(−0.35)

−0.026^***

−0.004

−0.011^*

−0.000

(−3.98)

(−0.71)

(−2.14)

(−0.07)

0.002

0.002

−0.002

0.002

(1.34)

(1.91)

(−1.35)

(1.30)

0.221^***

0.261^***

0.153^**

0.219^***

0.222^***

0.177^***

0.289^***

0.278^***

0.247^***

0.215^***

0.210^***

0.195^***

(4.23)

(4.98)

(3.10)

(4.09)

(4.12)

(3.53)

(5.52)

(5.41)

(5.14)

(4.09)

(3.98)

(3.90)

1.246^***

0.988^***

1.256^***

1.304^***

1.267^***

1.301^***

1.269^***

1.230^***

1.231^***

1.539^***

1.535^***

1.523^***

(8.43)

(6.09)

(8.49)

(8.28)

(7.51)

(8.29)

(9.40)

(9.21)

(9.19)

(11.35)

(10.66)

(11.21)

−1.073^***

−1.084^***

−1.091^***

−1.009^***

−1.010^***

−1.018^***

−1.282^***

−1.329^***

−1.246^***

−1.333^***

−1.335^***

−1.333^***

(−5.15)

(−5.25)

(−5.23)

(−4.72)

(−4.73)

(−4.78)

(−6.35)

(−6.46)

(−6.19)

(−6.37)

(−6.37)

(−6.38)

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

1.785^***

0.760^**

1.592^***

1.664^***

1.481^***

1.696^***

1.340^***

0.824^***

0.959^***

1.880^***

1.834^***

1.928^***

(7.92)

(2.79)

(7.89)

(7.26)

(5.84)

(8.25)

(7.20)

(5.16)

(6.91)

(8.04)

(5.41)

(8.53)

828

828

828

828

828

828

828

828

828

828

828

828