Wong, S.; Yiu, C.; Tse, M.; Chau, K. - In: The Journal of Real Estate Finance and Economics 32 (2006) 3, pp. 289-304
We examine the effect of forward sale (pre-sale) activities on the volatility of spot prices in the real estate market. The abundance of pre-sales data and major changes in regulatory control on the pre-sale market during the 90's in Hong Kong allow us to undertake empirical tests using Hong...