Download or read book Price trading Volume Correlation of the Hong Kong Office Property Market written by Dandan Feng and published by . This book was released on 2003 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Hong Kong Property Market written by Chi Keung Lau and published by . This book was released on 2000 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book PRICE VOLUME RELATIONSHIP IN H written by Man-Suen Ho and published by Open Dissertation Press. This book was released on 2017-01-27 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Price-volume Relationship in Hong Kong's Residential Market" by Man-suen, Ho, 何敏璇, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of Thesis Titled The Price-Volume Relationship in Hong Kong's Residential Market Submitted by Ho Man Suen For the degree of Doctor of Philosophy At The University of Hong Kong in August 2004 This thesis examines the relationship between transaction price and transaction volume in Hong Kong's residential market. The rational expectation hypothesis suggests that there should be no relationship between price and volume in the capital market. However, there is sufficient empirical evidence to suggest otherwise, particularly in the more developed real estate market. Both positive contemporaneous and lead-lag relationships have been reported. Nevertheless, these relationships were observed using dubious data, such as valuation-based real estate price indices, over a relatively short time horizon. This thesis investigates the nature of the price-volume relationship using a high frequency repeat sales index over a relatively long time horizon. Hong Kong's residential market, which is dominated by high-rise apartments, is sufficiently active for us to construct a monthly residential price index over a 33-year period from 1970 to 2003. This index is sufficiently long and also of a very high frequency for us to examine the nature of the price-volume relationship in the residential market and test alternative theories under different test conditions. There are three main theories that explain the price-volume relationship. They are the Rational Expectation Theory, the Information Asymmetric Theory, and the Market Imperfection Theory. Each theory implies a different price-volume relationship. The Rational Expectation Theory suggests that there should be no relationship between price and volume. The Information Asymmetric Theory recognizes investors' heterogeneity. The better-informed group takes advantage of the others and initiates trading activities before major price changes occur. The Market Imperfection Theory implies that price leads volume due mainly to down payment constraints. These theories are not mutually exclusive, since the test conditions were different. The residential market in Hong Kong has undergone a number of major changes that has led to the prevalence of different test conditions. This study makes use of these changes and tests alternative theories under different test conditions. Before 1984, the residential market in Hong Kong had yet to develop, and information costs were high. All market participants were equally informed and uninformed. Prices could then reflect the limited information from the property market instantly. The price-volume relationship should be consistent with the Rational Expectation Theory. Negotiations between the British and Chinese Governments over the tenure of land in Hong Kong started in 1982, and were settled with the signing of the Joint Sino-British Agreement in 1984. Many people were then not confident in the future of Hong Kong and decided to sell their homes in Hong Kong before migrating to other countries. This led to a panic selling of residential units, but at the same time also attracted more rational traders who took advantage of it. They analyzed market information and bought and sold undervalued residential units to make short term profits. A group of professional speculators who are more informed than the average end users/owners emerged, and this led to information asymmetry. Information asymmetry implies that transac

Download or read book Trading Volume and Liquidity Premium in the Hong Kong Housing Market written by Hon-Ho Kwok and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Trading Volume and Liquidity Premium in the Hong Kong Housing Market" by Hon-ho, Kwok, 郭漢豪, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of thesis entitled "Trading Volume and Liquidity Premium in the Hong Kong Housing Market" Submitted by Kwok Hon Ho for the degree of Master of Philosophy at The University of Hong Kong in Aug 2006 Various liquidity measures, such as the time on the market and trading volume, appear in the economics and finance literature. Since prices and liquidities are normally the optimal choices of asset owners, these liquidity measures are endogenous. Because of the endogeneity of liquidity measures, the ordinary least squares estimator is biased and inconsistent. The ordinary least squares estimate of liquidity effect is expected to be upward biased because of the positive correlation between price and trading volume. In this study, the instrument-variable estimation is proposed to handle the endogeneity problem. The proposed instrument is the size of the housing development, which can be expressed in terms of the number of units developed in the development project. The upward bias of the ordinary least squares estimates and the endogeneity of trading volume are supported by the evidence from the Hong Kong housing market. The choice of instrument is motivated by the conjectured size effects of housing development in Hong Kong. Holding the houses' attributes constant, residential units in Hong Kong are expected to be of higher prices and higher liquidities if the units are developed in large scale development projects or located in large housing estates. Empirical results show that significant size effects do exist in Hong Kong. The estimated size effects on price and liquidity are tremendous. The size effects can be explained by a model based on search friction. DOI: 10.5353/th_b3688190 Subjects: Liquidity (Economics) Housing development - China - Hong Kong Housing - Prices - China - Hong Kong

Download or read book Determinants of Property Prices in Hong Kong SAR written by Mr.R. Sean Craig and published by International Monetary Fund. This book was released on 2011-11-01 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroconomic fundamentals; real GDP per capital, real domestic credit, construction costs, land supply, and the real interest rate. Policy can influence the property market though land supply and prudential and tax policy, with the latter policies taking the form of a stamp duty on property transactions and a tighter loan-to-value ratio (LTV) on lending. Land supply is the most effective policy insturment for restraining property price increases but it operates with a significant lag. The LTV and stamp duty dampen speculative activity that drives up property prices. While these policies can slow the increase in the short run, they should be guided by their long run objectives of financial stability and counteracting speculation.

Download or read book The Price volume Relationship in Hong Kong s Residential Market written by Man-suen Ho and published by . This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trading Volume in the Housing Market Around Land Auctions Events written by Shuk-Man Chiu and published by Open Dissertation Press. This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Trading Volume in the Housing Market Around Land Auctions Events" by Shuk-man, Chiu, 趙淑文, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Land and housing markets are separated, with the traders in the land market being developers and those in the housing market being end-users for self-occupation and investors for investment. The two markets, however, are closely related because demand for residential sites is derived from demand for housing. With this close relationship, any signals from the land market should be impounded to the housing market. Land auction, which is the most commonly adopted land disposal method in Hong Kong, is a significant event in the land market. The land auction events should contain market signals affecting trading decisions of homebuyers and sellers in the housing market in a similar way that corporate earnings announcements of a listed company affect the trading of its shares in the stock market. This study investigates how land auctions affect trading volume in the secondary housing market in Hong Kong. Hypotheses are developed based on previous studies on the impacts of corporate earnings announcements on trading volume in stock markets with modifications to take into account the differences between housing and stock markets. The characteristics of housing market that are important in formulating the hypotheses are high transaction cost and market incompleteness (e.g. absence of short selling). In addition, lumpiness and indivisibility of housing, which make market participants risk-averse, also play important roles in the development of the hypotheses in this study. The research results indicate that greater dispersion in prior beliefs before the land auctions is associated with lower trading volume in the housing spot market. Unexpected land auction outcomes, be they positive or negative, are also negatively related to trading volume in the housing market, with the negative outcomes exerting a strong downward pressure on trading volume. These findings are contradictory to the findings commonly found in most finance literature about trading volume around corporate earnings announcements which assumes negligible transaction cost but consistent with findings in Barron and Karpoff (2004). The deviation from previous studies of stock market can be explained by the risk-averse behaviour of market participants, high transaction cost and market incompleteness in the housing market. Although empirical data in Hong Kong are used, the implications are general and should be applicable to other housing markets with similar characteristics. This study also sheds light on how increase in transaction cost and restriction on short selling may affect trading volume around corporate earnings announcements in the stock market. DOI: 10.5353/th_b5137944 Subjects: Public land sales - China - Hong Kong Housing - Prices - China - Hong Kong

Download or read book The Correlation of Industrial and Commercial Real Estate Prices in Hong Kong written by Peiling Wei and published by . This book was released on 2004 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Markets at Work written by Bertrand Renaud and published by Hong Kong University Press. This book was released on 1997-07-28 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The real estate economy of Hong Kong is one of the most dynamic and sophisticated in the world, and has contributed greatly to the spectacular development of this vibrant city. More importantly, at a time of rapid globalization of the world economy, it is possibly the best model of the behaviour of an advanced real estate industry operating in an open economy. Hong Kong is thereforeof interest to analysts and policymakers everywhere, not least because of Hong Kong's political reintegration with China in 1997. With this in mind, the authors have managed to capture the key economic features of the private residential real estate market in Hong Kong in this compact volume. They have identified and highlighted critical institutions that contribute to the success and economic factors which shape the dynamics of all sectors of the real estate industry in Hong Kong. This book is essential reading for market analysts, policymakers, students and international readers with an interest in comparative analysis of real estate markets and institutions.' Professor Anthony Walker, Centre for Real Estate and Urban Economics,The University of Hong Kong.

Download or read book Intra metropolitan Office Price and Trading Volume Dynamics written by Ka-yui Leung (Charles) and published by . This book was released on 2008 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trading Volume and Price Dispersion in Housing Markets written by Edward Chung Yim Yiu and published by . This book was released on 2008 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: The positive volume-price (return) relationship has been intensively studied and confirmed in both financial and real estate markets, yet Stein's (1995) downpayment model and Berkovec and Goodman's (1996) search theoretic model offered no direct empirical support. This paper puts forward a liquidity premium model which explains the volume-price (return) relationship by the volume-price dispersion relationship. We posit that the extent of price dispersion depends on the level of price information available in the market (measured by the volume of past comparable transactions). The model is tested empirically using 11,267 transactions of housing units in Hong Kong from February 1992 to September 2000. The results support our theoretical prediction that the magnitude of price dispersion, as measured by the heteroskedasticity of a hedonic pricing model, is negatively and significantly related with the volume of transactions in the past 10-day and 30-day period windows. It implies that an increase in liquidity reduces pricing error risk, which in turn reduces the required risk premium in buyers' offering price, and thus a positive volume-price(return) relationship.

Download or read book Trading Volume and Liquidity Premium in the Hong Kong Housing Market written by Hon-ho Kwok and published by . This book was released on 2006 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Analysis of the Hong Kong Office Property Market written by Sik-Kin Simon Wong and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Property Prices and Speculative Bubbles written by Sanjay Kalra and published by . This book was released on 2000 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Analysis of the Hong Kong Office Property Market written by Sik-kin Wong (Simon) and published by . This book was released on 1997 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Estimating the Intra metropolitan Price and Volume Dynamics of Commercial Property written by Jiajia Ding and published by . This book was released on 2006 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Testing Alternative Theories of the Property Price Trading Volume Correlation written by Charles Ka Yui Leung and published by . This book was released on 2003 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the correlation between the real housing price and trading volume. Contrary to the predictions of standard rational expectation models, a robust positive correlation between the two variables is identified. While no clear lead-lag relationship is found in the raw data (which is more consistent with the down-payment effect model), the medium-run component of the trading volume tends to lead (and Granger cause) the corresponding component of the property price (which is more consistent with the search theoretic model). An explanation for this difference in behavior is suggested and several future research directions are provided.