Lam, et al. (2010, 2012) and Guo, et al. (2015) have developed a new Bayesian approach to explain some market anomalies. In this paper we conduct a survey to examine whether the theory developed in Lam, et al. (2010, 2012) and Guo, et al. (2015) holds in the empirically by studying the behavior...

Lam, et al. (2010, 2012) and Guo, et al. (2015) have developed a new Bayesian approach to explain some market anomalies. In this paper we conduct a survey to examine whether the theory developed in Lam, et al. (2010, 2012) and Guo, et al. (2015) holds empirically by studying the behavior of...

The relationship between property size and property investment yield is an interesting issue in the real estate market. Previous studies usually use the mean-variance criterion to compare the return-risk profiles of the yields of different property sizes in the US. However, this criterion has a...

This paper applies stochastic dominance (SD) tests to examine the dominance relationships between the futures and spot markets in Hong Kong. We also analyze the preferences for the risk averters, risk seekers, prospect investors, and Markowitz investors with further in dept of their positive and...

We test for arbitrage opportunities and market efficiency in the Hong Kong money, stock, and real estate markets. We find that the money market, represented by the Exchange Fund Bills, stochastically dominates both the stock and real estate markets, represented by the Hang Seng Index and the...