In hedonic housing price modeling, real estate researchers and practitioners are often not completely ignorant about the parameters to be estimated. Experience and expertise usually provide them with tacit understanding of the likely values of the true parameters. Under this scenario, the...

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,...

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...

This case is designed to illustrate the characteristics of a land market in a leasehold land ownership system using data from Hong Kong. It also provides a set of residential land transaction records for students to construct a land price index over a period of 23 years. Information on local...

In this paper the inflation hedging characteristics of Hong Kong real estate market are examined using 1998-2006 data. Both short-term and long-term methods are used. The short-term method follows Fama and Schwert framework. To separate expected and unexpected inflation rate from nominal...

Motivated by the valuation of a leasehold property in relative to a comparable freehold property under different land lease policy scenarios, this paper attempts to offer an explanation to the premium fetched by a freehold property as well as an explanation to the variations of the premium...

The property market in Hong Kong plays an important role in the political, social and economic life of this vibrant city. Understanding the dynamics of the market is essential to guide government policy making and investment decisions. Using data collected between 1993 and 2006, this study...

In this paper we use a VAR - MGARCH model to analyze the return and risk in the Hong Kong residential property market. Our analytical framework incorporates time-varying volatility and correlations in real estate risk management. Weekly property price indices are used to model the return and...

In hedonic housing price modeling, real estate researchers and practitioners are often not completely ignorant about the parameters to be estimated. Experience and expertise usually provide them with tacit understanding of the likely values of the true parameters. Under this scenario the...

A key asset that is important in international markets is real estate - raw land and developed properties. Also, real estate can clearly have difference local rules for investment and transactions based upon bankruptcy protection, appraisal standards, lending standards, taxation and planning...