Previous studies on the price-volume relationship focus only on the total volume of transactions without taking into account of the nature of these transactions. While this is a reasonable approach for financial markets, such approach may have ignore some important information in the property...

ERES:conference

ERES:conference

Almost all previous studies on the value of seaview were cross-sectional as it is almost impossible to find any formation or removal of seaview in the scale of man time. However, cross-sectional analysis is well known of its shortcoming in controlling housing quality and temporal components in...

Hong Kong property companies make a significant contribution to the Hong Kong stockmarket and general economy. A key issue is how much of Hong Kong property company performance is attributable to stockmarket performance and how much is attributable to direct property performance. Using a...

How shocks in one market influence the return and volatility of other markets has been an important question for portfolio managers. In the finance literature, many studies found evidence of volatility spillovers across international markets as well as between spot and futures markets. Although...

ERES:conference

Historical commercial real estate returns are attributed to three fundamental factors: initial current yield, growth in net operating income, and changes in going-in versus going-out capitalization rates (i.e., pricing movements). Separating returns into these three factors appears to provide...

This study investigates the effects of political uncertainty associated with the 1997 repossession of Hong Kong by China on the real estate market. Such effect is reflected in the change in the real estate risk premiums. A model is derived to estimate the trend of real estate risk premium for...

This study examines the existence of excess returns of the office, retail and industrial real estate sectors in Hong Kong using time series of both valuations and transaction prices. The analysis covers the period from 1980 to 1995. If valuations are an accurate reflection of transaction prices...