Showing 1 - 10 of 42
Noise trading has been intensively studied in finance, but rarely in real estate. Theories of price dispersion have also been well established in retailing research, but rarely in real estate. This paper is probably the first attempt to study the effect of noise trading on the price dispersions...
Persistent link: https://www.econbiz.de/10012723157
Many financial studies have produced evidence of the disposition effect - investors tend to sell assets with nominal gains and keep those with nominal losses. This effect is predominantly explained by the prospect theory, which postulates asymmetric preferences towards gains against losses. This...
Persistent link: https://www.econbiz.de/10012707513
How shocks in one market influence the returns 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....
Persistent link: https://www.econbiz.de/10012755343
A true constant quality real estate price index should measure the general change in price level free from any change in quality over time. In recent years, the repeat-sales method has been widely used to construct constant quality property price indices. Since buildings depreciate over time, a...
Persistent link: https://www.econbiz.de/10012755723
The positive volume-price (return) relationship has been intensively studied and confirmed in both financial and real estate markets, yet Stein's (1995) downpayment model and Berkovec and Goodman's (1996) search theoretic model offered no direct empirical support. This paper puts forward a...
Persistent link: https://www.econbiz.de/10012723269
Improvements in transport were commonly found to have a positive effect on the price of housing. As the construction of infrastructure often lasts for years, it is plausible to assume that investors will take expected improvements into consideration when pricing and trading neighbourhood...
Persistent link: https://www.econbiz.de/10012770403
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...
Persistent link: https://www.econbiz.de/10012707287
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...
Persistent link: https://www.econbiz.de/10012755623
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...
Persistent link: https://www.econbiz.de/10010834678
The paper examines how building height is determined in the absence of building height regulatory restrictions. A model is developed for determining optimal height using simple neo-classical economic analysis; this is then tested using empirical data from Hong Kong. The results show that the...
Persistent link: https://www.econbiz.de/10012754831