This paper analyzes the deposit-taking market in Hong Kong prior to the deregulation of interest rates in 1994. We argue that banking regulations, in the forms of branching restrictions and interest-rate ceilings, had created a monopsonistic market for short-term bank deposits. As a result,...

The betas on equity real estate investment trusts (EREITs) have undergone a structural shift in the past 20 years. We show that this is the result of the lower variability of EREIT returns and argue that the decrease in the standard deviation of EREIT returns can be attributed to the increasing...