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Keywords = Asian public real estate

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28 pages, 1684 KiB  
Article
Relationship between Foreign Macroeconomic Conditions and Asian-Pacific Public Real Estate Markets: The Relative Influence of the US and China
by Kim Hiang Liow, Yuting Huang and Kai Li Heng
Int. J. Financial Stud. 2019, 7(4), 60; https://doi.org/10.3390/ijfs7040060 - 15 Oct 2019
Cited by 3 | Viewed by 3502
Abstract
The aim of this paper was to examine the relationship between changes in the US and China macroeconomic conditions and the excess returns of nine Asian-Pacific public real estate markets (Singapore, Indonesia, Malaysia, the Philippines, Thailand, Australia, Taiwan, Hong Kong, and Japan). We [...] Read more.
The aim of this paper was to examine the relationship between changes in the US and China macroeconomic conditions and the excess returns of nine Asian-Pacific public real estate markets (Singapore, Indonesia, Malaysia, the Philippines, Thailand, Australia, Taiwan, Hong Kong, and Japan). We found that there are insignificant correlations between macroeconomic conditions in the US and China and the real estate markets’ excess returns. Additionally, whilst the US macroeconomic factors show stronger causal relationships with the real estate markets in the long run, China’s macroeconomic variables have experienced a stronger causal relationship in the short run. Finally, key macroeconomic variables, such as the industrial production output index, long-term interest rates, and economic policy uncertainty, produced fluctuating impulse responses to shocks from the US and China. Overall, we conclude that the US economy continues to have a dominant influence in the Asian-Pacific real estate markets. However, during economic crises and in the short run, the impact of China’s economy grows significantly and outweighs that of the US In the context that a high degree of economic and financial integration has affected the interdependent level of international financial markets, the Asian-Pacific securitized real estate markets’ performances are also impacted by global shocks. Full article
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17 pages, 1618 KiB  
Article
Dynamic Relationships between Price and Net Asset Value for Asian Real Estate Stocks
by Kim Hiang LIOW and Sherry YEO
Int. J. Financial Stud. 2018, 6(1), 28; https://doi.org/10.3390/ijfs6010028 - 6 Mar 2018
Cited by 5 | Viewed by 5228
Abstract
This paper examines short- and long-term behavior of the price-to net asset value ratio in six Asian public real estate markets. We find mean-reverting behavior of the ratio and spillover effects, where each of the examined public real estate markets correlates with other [...] Read more.
This paper examines short- and long-term behavior of the price-to net asset value ratio in six Asian public real estate markets. We find mean-reverting behavior of the ratio and spillover effects, where each of the examined public real estate markets correlates with other markets. Additionally, the unexpected shock correlating with the price-to-net asset value ratio in one market has a positive or negative correlation with the ratios of other markets. Our results offer fresh insights to portfolio managers, policymakers, and academic researchers into the regional and country market dynamics of public real estate valuation and cross-country interaction from the long-term and short-term perspectives. Full article
(This article belongs to the Special Issue Financial Economics)
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