This study tests the impact of diversification strategies on the cash flows, expenses, risks and returns of REITs in Asia. Hirschman-Herfindahl indices (HHI) are computed based on 2281 properties owned by 63 sample Asian REITs for the periods from 2002 to 2007 to measure the levels of...

This paper investigates the causality relationship between sale price and trading volume under housing presale system by using the data of existing house price, presale house price, trading volume, and the number of new construction from 1993Q1 to 2010Q4 in four spatial housing submarkets,...

In the literature on microeconomics regarding tenure choice documentation, house price is usually viewed as one of the most important parameters. Taiwan experienced very dramatic real estate cycles in the past several decades. However, the homeownership rates looked quite stable and consistently...

We develop a dynamic model of order submission strategies in an order-driven market, where traders differ in their share valuations. Our model shows that several factors influence the uninformed trader¡¦s choice of order to submit: the market price, the expected asset value, the probability of...

In 2007, a number of stock funds and Real Estate Investment Trusts (REITs) tended to invest in Asian markets due to their outstanding performance during the period prior to 2006. However, can this move increase the covariate between the stock and REIT markets in Asian markets as well as further...

This study uses theoretical models and empirical research to explain that interest rates affect the structure of housing price formation and correction rather than affect the price alone. In particular, when interest rates are substantially reduced, the correction of housing prices toward...