Globalisation enables foreign liquidity to access local property markets. This paper depicts a strong connection between foreigners’ property acquisitions and regional housing price movements in Singapore. Testing structure breaks also illustrates a ripple effect of prices from the...

Global warming changes societal values and political climate. The movement toward environmental sustainability and initiatives of green-building certification have created an implicit mark for sustainable buildings. Whether the economic return adequately incentivizes developers is an important...

This paper examines whether the housing wealth effect – the consumption change induced by house price appreciation – is dependent upon households' attitudes toward risk. A simple theoretical model is introduced to highlight a negative relationship between the wealth effect and risk aversion....

This paper shows that ignoring differences in developers’ competitive strength and their bidding behavior in land auctions leads to distorted valuation of urban lands. Using the government’s land sale data in Singapore for the sample periods 1990–2011, we found that after controlling for...

This paper examines the sub-game equilibrium strategies for a duopoly real option model consisting of two firms with asymmetric demand functions. The relative strength of the firms is found to have significant impact on the firms’ equilibrium strategies. Preemptive strategies are critical if...

One interesting explanation for asset securitization is the managerial agency theory—where securitization of cash flows that are relatively insensitive to managerial effort reduces the noise for cash flows that are sensitive to managerial effort (Iacobucci and Winter, 2005). This paper extends...