This study investigates the spillover effect of corporate headquarters relocation on the local housing market. Using a comprehensive database to identify corporate relocation events in the U.S. from 1994 to 2017, we show that moving a corporate headquarters into a district is significantly...

This paper examines how sentiment affects homebuyers' housing transaction decisions with a focus on auction sales. Utilizing housing transaction data in Sydney from 2000 to 2014, we find that transaction prices are significantly higher for auction sales compared to private sales, consistent with...

This paper investigates the relationship between the liquidity of the real estate property market and that of the REIT market from the perspective of liquidity dynamics and transformation. Our results indicate that there is a lead-lag relationship between the liquidity of these two markets. The...

This study examines the externality of anti-speculation policies and its impact on property market volatility. Employing a rich dataset on property transactions in Hong Kong from 1991 to 2020, we find that, given regulations for flippers in the presale residential property market only, the...

This paper examines the effect of mainland Chinese buyers' housing purchase in Hong Kong. Contrary to media's allegation on mainland buyers causing huge bubbles in Hong Kong housing market, we find that mainland buyers only constitute less than 4% of housing transactions in Hong Kong from 2001...

Hong Kong introduced a Tobin property tax—the Special Stamp Duty (SSD) Policy—in 2010, which substantially increased the selling costs of short-term property holders. This study examines the effectiveness of this Tobin property tax in curbing speculation and cooling down the market. We find...

This study documents that over 10% of the presale contracts in the Hong Kong housing market between 1996 and 2014 were rescinded, resulting in a loss of HKD 436.67 million per year. We then investigate potential determinants of contracts rescission from a novel perspective of option theory. We...