The sharp fall of property prices after the Asian financial crisis has led many residential mortgage holders in Hong Kong to experience negative equity. Among other factors, this study looks at the impact of negative equity on the probability of default on mortgage loans, which is an important...

This paper assesses whether long-term institutional investors help stabilise or destabilise Hong Kong and international stock markets. We use a novel dataset based on individual funds issued by insurance companies and pension funds worldwide. This allows us to examine each economic region in...

The growth of Hong Kong SAR's corporate bond market has accelerated considerably since the global financial crisis, suggesting that local corporations increasingly regard market-based financing as a workable alternative to bank-based funding. The acceleration was driven by both cyclical and...