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Conference Paper: Do the forward sales of real estate stabilize spot prices?

TitleDo the forward sales of real estate stabilize spot prices?
Authors
KeywordsForward contract
GARCH model
Pre-sale
Price volatility
Issue Date2006
PublisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0895-5638
Citation
The 2004 Hong-Kong Singapore International Real Estate Research Symposium, The University of Hong Kong, Hong Kong, August 2004. In Journal of Real Estate Finance and Economics, 2006, v. 32 n. 3, p. 289-304 How to Cite?
AbstractWe examine the effect of forward sale (pre-sale) activities on the volatility of spot prices in the real estate market. The abundance of pre-sales data and major changes in regulatory control on the pre-sale market during the 90's in Hong Kong allow us to undertake empirical tests using Hong Kong's real estate data. Our results show that the volatility of spot prices increased significantly after forward sales were severely dampened by regulatory control measures introduced in 1994, but decreased again when the measures were partly relaxed in 1998. The results contribute to the long lasting debate on whether the introduction of a futures market reduces the volatility of spot prices. Previous studies were mainly conducted in markets with low transaction costs, notably financial markets. By utilizing the unique regulatory changes in the pre-sale market of Hong Kong, we are able to conduct an experiment on the conditional volatility of spot prices in a high information-cost environment, thereby shedding light on the important role of forward housing contracts in providing price expectation information for spot trading. © Springer Science + Business Media, Inc. 2006.
DescriptionThis journal issue (2nd Special Issue of the journal)contain papers from Hong Kong – Singapore International Real Estate Research Symposium 2004
Persistent Identifierhttp://hdl.handle.net/10722/81759
ISSN
2015 Impact Factor: 0.698
2015 SCImago Journal Rankings: 1.144
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorWong, SKen_HK
dc.contributor.authorYiu, CYen_HK
dc.contributor.authorTse, MKSen_HK
dc.contributor.authorChau, KWen_HK
dc.date.accessioned2010-09-06T08:21:40Z-
dc.date.available2010-09-06T08:21:40Z-
dc.date.issued2006en_HK
dc.identifier.citationThe 2004 Hong-Kong Singapore International Real Estate Research Symposium, The University of Hong Kong, Hong Kong, August 2004. In Journal of Real Estate Finance and Economics, 2006, v. 32 n. 3, p. 289-304en_HK
dc.identifier.issn0895-5638en_HK
dc.identifier.urihttp://hdl.handle.net/10722/81759-
dc.descriptionThis journal issue (2nd Special Issue of the journal)contain papers from Hong Kong – Singapore International Real Estate Research Symposium 2004-
dc.description.abstractWe examine the effect of forward sale (pre-sale) activities on the volatility of spot prices in the real estate market. The abundance of pre-sales data and major changes in regulatory control on the pre-sale market during the 90's in Hong Kong allow us to undertake empirical tests using Hong Kong's real estate data. Our results show that the volatility of spot prices increased significantly after forward sales were severely dampened by regulatory control measures introduced in 1994, but decreased again when the measures were partly relaxed in 1998. The results contribute to the long lasting debate on whether the introduction of a futures market reduces the volatility of spot prices. Previous studies were mainly conducted in markets with low transaction costs, notably financial markets. By utilizing the unique regulatory changes in the pre-sale market of Hong Kong, we are able to conduct an experiment on the conditional volatility of spot prices in a high information-cost environment, thereby shedding light on the important role of forward housing contracts in providing price expectation information for spot trading. © Springer Science + Business Media, Inc. 2006.en_HK
dc.languageengen_HK
dc.publisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0895-5638en_HK
dc.relation.ispartofJournal of Real Estate Finance and Economicsen_HK
dc.subjectForward contracten_HK
dc.subjectGARCH modelen_HK
dc.subjectPre-saleen_HK
dc.subjectPrice volatilityen_HK
dc.titleDo the forward sales of real estate stabilize spot prices?en_HK
dc.typeConference_Paperen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0895-5638&volume=32&issue=3&spage=289&epage=304&date=2006&atitle=Do+The+Forward+Sales+of+Real+Estate+Stabilize+Spot+Prices?en_HK
dc.identifier.emailWong, SK: kelvin.wong@hku.hken_HK
dc.identifier.emailYiu, CY: ecyyiu@hkucc.hku.hken_HK
dc.identifier.emailTse, MKS: ktse@hku.hken_HK
dc.identifier.emailChau, KW: hrrbckw@hku.hken_HK
dc.identifier.authorityWong, SK=rp01028en_HK
dc.identifier.authorityYiu, CY=rp01035en_HK
dc.identifier.authorityTse, MKS=rp01101en_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1007/s11146-006-6803-xen_HK
dc.identifier.scopuseid_2-s2.0-33645302621en_HK
dc.identifier.hkuros94170en_HK
dc.identifier.hkuros107211-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33645302621&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume32en_HK
dc.identifier.issue3en_HK
dc.identifier.spage289en_HK
dc.identifier.epage304en_HK
dc.identifier.eissn1573-045X-
dc.identifier.isiWOS:000236372000006-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridWong, SK=7404591021en_HK
dc.identifier.scopusauthoridYiu, CY=9248825800en_HK
dc.identifier.scopusauthoridTse, MKS=7103352647en_HK
dc.identifier.scopusauthoridChau, KW=24830082500en_HK
dc.identifier.citeulike567722-
dc.customcontrol.immutablesml 160120 - merged-

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