Do Media Reports Matter to House Price Expectations?Evidence from Beijing

House price expectations(HPE)is a key factor affecting housing market fluctuations.Taking Beijing as an example,this study innovatively proposes an internet data-based measurement of HPE and text analysis-based quantification of media reports from media attention and media attitudes.Regression model is performed to empirically test the impact of media reports on the level and accuracy of HPE.The empirical results show no significant relationship between media attention and the level of HPE,but a significant relationship to the accuracy of HPE.The higher the media attention(i.e.,the more intensive the media reports),the smaller the deviation between HPE and actual housing prices.The attitude of media reports is significantly related to the level and accuracy of HPE.It is easier to guide the formation of HPE through media reports with clear opinions,indicating that media could promote the sustainable development of the real estate market.