In order to deal with the rampant increase in housing prices, the Government of the People's Republic of China implemented the home purchase restriction (HPR) policy to curb speculation and prevent housing bubbles. This policy triggered an exogenous demand shock to the housing market. Employing...

In the aftermath of the COVID-19 pandemic, non-core investments are gaining traction amongst institutional investors due to the shifting preference towards investment vehicles that position higher on the risk-return curve. Non-listed value-add real estate funds in Japan are one such vehicle....

This study modifies the cross-sectional absolute deviation of returns (CSAD) of Chang, Cheng and Khorana's (2000) by adding trading volume variable and find significant evidence of herding in the Hong Kong stock market using daily data. Specifically, higher trading volume induces more herding....

The recent financial turmoil has triggered a credit crunch whereby illiquid, but not necessarily insolvent, banks were not able to borrow money and were forced to be liquidated, bought or bailed out. A response to this problem has been contingent convertible bonds (or CoCo bonds), which are...

A solution to city expansion under limited land availability is relocation of existing habitants, demolishing existing buildings, and redevelopment of new buildings. In the case of Chinese cities, however, such strategies have become a channel for municipalities to increase their revenue from...

This paper studies investors herd behavior on firms cross-listed in markets with different legislative regimes and levels of sophistication and yet within the same country. In addition to evidence of herding in each of China's Shanghai, Shenzhen and Hong Kong markets, our finding suggests cross...

This paper extends the conventional Value at Risk (VaR) to incorporate liquidity in intraday time horizon. Our rationale is that the Liquidity Adjusted Intraday VaR (L-VaR) is particularly relevant to day traders who are more interested in intraday market movement that could not be simply...

In this study we incorporate sticky rents into a real options model to rationalize the widely documented overbuilding puzzle in real estate markets. Given the assumption that developers' objective function is to maximize total revenue by selecting an optimal occupancy level, our model provides a...