"By reviewing the previous three asset bubble implosions, viz. (1) the íLost Decadeî of Japan in the 1980s; (2) the Asian Financial Crisis in Hong Kong in 1997; and (3) the Financial Tsunami in the USA in 2008, a common symptom of negative real interest rate is very clearly revealed before the...

As the capitalization rates are tightly related to the required rates of return, there are a number of dynamics driving capital markets can help to explain the observed cap rates over time. Anyway, there are few researches discussing about why and how real estate cap rates and capital market...

Income segregation is found to be a common phenomenon, which imposes far-reaching implications on housing and social policies. However, the focus has long been on its extent rather than on its distribution. This study investigates the asymmetry of income segregation and the relationship between...

"This study examines the hypothesis about the relationship between the returns of REITs and that of direct real estate. As an indirect investment vehicle, REIT (real estate investment trust) shall perform under the influence of the underlying real estate investment. And there were plenty of...

Although many studies have found that unemployment has a negative effect on housing prices, the explanation put forward for this effect, that is, uncertainty over the ability to repay long term mortgage loans, has not been empirically tested. This paper attempts to empirically test this...

The moral hazard problem in the forward sale of housing has been shown to be excessively serious that it should not be preferable. However, unlike other heterogeneous commodities, forward sale is very commonly adopted in housing markets, especially in China and Hong Kong. This paper therefore...

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...

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...

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...

This paper applies a two-workplace residential location choice model to study the housing price gradient changes between Macau and Hong Kong. The classical land market model assumes a one-workplace scenario. However, with the globalization trend, travel between two workplaces is becoming more...