This paper examines two questions about the temporal stability of the price discovery relationship using data from Hong Kong. We first study the extent to which abnormally large returns (positive or negative) to securitized real estate are transferred to the returns in the direct real estate...

This paper considers the processes of appraisal smoothing within the direct real estate market and of price discovery between the indirect and direct real estate markets. Appraisal smoothing involves the optimum combination of past and current information, the latter observed with an error....

To date our understanding of the factors affecting the housing supply stem from the private provision of new units through real estate development. This article investigates a different aspect of housing supply, the private provision of rental housing through investment in existing properties....