This research analyses the effect of public transport accessibility on the prices of flats in Hong Kong. In order to correctly identify the impact of transport convenience, we estimate regression models by regions in bear and bull markets separately. In addition, we consider the standard pricing...

Housing market is highly heterogeneous and is most accurately represented as a collection of distinct yet related submarkets. In this paper, a flexible semiparametric model is developed to model housing submarkets. The k Nearest Neighbor estimates of hedonic price coefficients, varying both...

As an alternative carbon pricing tool to carbon taxes, carbon emission trading systems (ETS) combine market incentives with policy targets. Inevitably, ETS markets are linked to domestic and international political environment. Yet, there is a lack of research on the relationship between...

This paper investigates the relationship between the three forms of social capital, i.e., social norms, social network, and trust, on the effectiveness of land use policies. Both long-term and short-term policy outcomes are considered in the proposed analytical framework. Benefiting from a...

Tradable parking permit schemes can be an effective transportation demand management strategy by allocating parking spaces efficiently and encouraging the use of non-single occupancy modes of transport. We investigate the feasibility and effectiveness of tradable parking permit schemes in high...

The NAV discount is a long standing puzzle in the listed real estate context. In this paper we extend the existing literature's rational and noise trader explanations by exploring the influence of specific irrational behaviors. Based on behavioral biases identified in the stock and real estate...

Overconfidence is one of the most robust behavioral anomalies in financial markets. By attributing investment gains to their ability, investors become overconfident and trade aggressively in subsequent periods. Evidence from stock markets shows that overconfidence leads to excessive trading and,...

The landscape of China's rural land market has been changed by several significant land right reforms since 1970s. It is always of great interest to both the government and the public to gauge the effectiveness of these reforms. We address this question by investigating the impact of a recent...

This paper proposed a theoretical framework based on prospect theory to explain the determinants of housing satisfaction among relocated residents. We test the two most important elements of prospect theory, namely, reference point dependence and loss aversion. For reference point dependence, we...