This paper examines how the quantitative easing (QE) policy conducted by Japan, EU and the US raised Hong Kong's real estate prices through activities in carry trade and in Hong Kong's real estate investment trust (H-REIT) market. The empirical results demonstrated two new channels of impact....

This empirical paper examines the impact of monetary policy of the United States, European Union and Japan on the stock prices of eight Asian Emerging Markets (AEMs) during the different quantitative easing (QE) policies in 2001-2016. Five VAR models are constructed to incorporate different...

This empirical paper studies the fundamental value of the J-REIT price from impact of the 2008 financial crisis and the 2011 Japan earthquake between May 2003 and December 2014. The results show that the fundamental value of the J-REIT is determined only by the real estate price in the long-run....

This paper uses Hong Kong stock market's four sub-indices to examine the existence and causes of rational expectation bubbles. The unit root test is applied to the rational bubble hypothesis. Various causality test methods are used to examine the causality of bubble among the four sub-indices....

This paper uses Hong Kong stock market’s four sub-indices to examine the existence and causes of rational expectation bubbles. The unit root test is applied to the rational bubble hypothesis. Various causality test methods are used to examine the causality of bubble among the four sub-indices....