Purpose – The purpose of this paper is to explore the drivers of change in product evolution and to examine the relationship between company performance and active management of the driving forces behind product changes. Design/methodology/approach – An exploratory and qualitative research...

It is well known that the traditional net present value (NPV) approach fails to take account of the multiple effects arising from the interactions of the operating and strategic flexibility during the course of a project. Option pricing theory (OPT) has been successfully applied in the valuation...

Purpose – This paper aims to identify the imbedded option value in price of auctioned land in Hong Kong, and to propose a more accurate valuation method in predicting land price. Design/methodology/approach – Based on records of land auctions and property transactions during two periods of...

Purpose – The paper aims to contribute to the understanding of the current valuation practices and services offered across Asia, in particular the valuation techniques and methodology used by practising valuers in Hong Kong. Design/methodology/approach – In order to gain professional...

Purpose – The purpose of this paper is to investigate the risk appetite in Hong Kong real estate and property security markets in the recent episode of global financial crisis. Design/methodology/approach – An advanced methodology developed from the previous risk appetite measurement and...

Purpose – Understanding correlations between stock and direct real estate returns, which is the key factor that determines diversification benefits in a portfolio, helps formulate and implement better investors' asset allocation and risk management strategies. The past studies find that direct...

Purpose – The purpose of this study is to test whether real estate investment trusts (REITs) are able to reap positive economies of scale with an enlarged asset base, which are translated into lower operating expenses, higher revenue, and better accessibility to capital at competitive costs....

Purpose – Numerous studies suggest that announcements of capital offerings cause abnormal price reaction in stock markets. However, despite extensive research, relevant studies on the property sector are still relatively scarce, especially in the case of Hong Kong. The determinants of the...

Purpose – This paper aims to find out whether lagging problems exist within Hong Kong's office values. Design/methodology/approach – A State Space Model with the Kalman filter is deployed in detecting the extent of lagging errors in Hong Kong's office price indices, proffered by the ratings...

Purpose – The purpose of this paper is to explore the application of fuzzy logic in real estate investment in Hong Kong. There have been sufficient debates on the literature, providing the theoretical background on real estate investment decisions but there has been a lack of empirical support...