Housing affordability has been a troubling issue for both developed and developing countries. Much of the prior literature has used the price-income ratio as the main standard to assess housing affordability, with the median disposable household income of the sample population commonly used. As...

There has been anecdotal evidence that the Malaysian stock market in general and the Kuala Lumpur Stock Exchange (KLSE) Second Board Index in particular have experienced several boom and bust cycles especially prior to the 1997 Asian financial crisis. This paper examines whether the KLSE Second...

This paper examines the evidence of real estate bubbles within Singapore's private residential market from 1978 to 2004. The determinants of real estate bubbles are also examined. The analysis generates two principle conclusions. First, using unit root tests and cointegration tests, we found...

Numerous studies have shown that stock returns can be predicted over time with the multifactor asset pricing model based on the Arbitrage Pricing Theory (APT). However, the application of the multifactor asset pricing model in emerging markets remains debatable, owing to differences in the...

The object of this paper is to produce non-parametric maximum likelihood estimates of forecast distributions in a general non-Gaussian, non-linear state space setting. The transition densities that define the evolution of the dynamic state process are represented in parametric form, but the...