Cheung, Francis K.; Ni, Shawn; Siu, Alan - In: Pacific Economic Review 8 (2003) 1, pp. 31-45
The present study investigates whether Hong Kong's volatile real estate market is consistent with a non-linear consumption-based-asset-pricing model. It finds that the asset-pricing model is not rejected for some types of properties. However, the differentials between the returns to residential...