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Article: Testing the dividend-ratio model on real estate assets

TitleTesting the dividend-ratio model on real estate assets
Authors
Issue Date2006
PublisherAmerican Real Estate Society. The Journal's web site is located at http://www.aresnet.org/ARES/pubs/jrepe/JREPE.html
Citation
Journal Of Real Estate Practice And Education, 2006, v. 9 n. 1, p. 19-35 How to Cite?
AbstractCampbell and Shiller's (1988) dividend-ratio model has long been adopted in various asset markets. It improves previous methods by incorporating time-varying discount rates theoretically. However, it is rarely applied to real estate markets, nor has its validity been tested on real estate assets. This paper uses the dividend-ratio model to examine the long-term relationship between the market capitalization rate and the growth-adjusted discount rate in the housing markets in Hong Kong. The empirical results show a significant and positive long-term relationship between these two series, which provides evidence that cap rate can reflect the market conditions in the long run and that a dynamic discounting model can help predict long-term cap rate.
Persistent Identifierhttp://hdl.handle.net/10722/81745
ISSN
2015 SCImago Journal Rankings: 0.183
References

 

DC FieldValueLanguage
dc.contributor.authorYiu, CYen_HK
dc.contributor.authorHui, CMen_HK
dc.date.accessioned2010-09-06T08:21:30Z-
dc.date.available2010-09-06T08:21:30Z-
dc.date.issued2006en_HK
dc.identifier.citationJournal Of Real Estate Practice And Education, 2006, v. 9 n. 1, p. 19-35en_HK
dc.identifier.issn1521-4842en_HK
dc.identifier.urihttp://hdl.handle.net/10722/81745-
dc.description.abstractCampbell and Shiller's (1988) dividend-ratio model has long been adopted in various asset markets. It improves previous methods by incorporating time-varying discount rates theoretically. However, it is rarely applied to real estate markets, nor has its validity been tested on real estate assets. This paper uses the dividend-ratio model to examine the long-term relationship between the market capitalization rate and the growth-adjusted discount rate in the housing markets in Hong Kong. The empirical results show a significant and positive long-term relationship between these two series, which provides evidence that cap rate can reflect the market conditions in the long run and that a dynamic discounting model can help predict long-term cap rate.en_HK
dc.languageengen_HK
dc.publisherAmerican Real Estate Society. The Journal's web site is located at http://www.aresnet.org/ARES/pubs/jrepe/JREPE.htmlen_HK
dc.relation.ispartofJournal of Real Estate Practice and Educationen_HK
dc.titleTesting the dividend-ratio model on real estate assetsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1521-4842&volume=9&issue=1&spage=19&epage=35&date=2006&atitle=Testing+the+Dividend-Ratio+Model+on+Real+Estate+Asseten_HK
dc.identifier.emailYiu, CY: ecyyiu@hkucc.hku.hken_HK
dc.identifier.authorityYiu, CY=rp01035en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-33751051422en_HK
dc.identifier.hkuros125571en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33751051422&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume9en_HK
dc.identifier.issue1en_HK
dc.identifier.spage19en_HK
dc.identifier.epage35en_HK
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridYiu, CY=9248825800en_HK
dc.identifier.scopusauthoridHui, CM=7005081892en_HK

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