Speculating China Economic Growth through Hong Kong? Evidence from Stock Market IPOs and Real Estate Markets
Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 45-87 |
| Journal / Publication | International Real Estate Review |
| Volume | 18 |
| Issue number | 1 |
| Publication status | Published - 1 Mar 2015 |
Link(s)
Abstract
This paper argues that since China closes her asset markets, investors turn to Hong Kong instead. The initial public offerings (IPOs) of Chinese firms in the Hong Kong stock market and the local housing market of Hong Kong improve the prediction of each other, as they may serve as a coordinator of herds among investors. Alternative explanations such as the “production conjecture” and “underlying factor conjecture” are found to be inconsistent with the data. Our results are also consistent with the increasing importance of Chinese tourists in the world. Directions for future research are also discussed.
Research Area(s)
- Animal Spirits Conjecture, Causality, Production Conjecture, Underlying Factor Conjecture, Wealth Effect
Bibliographic Note
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Citation Format(s)
Speculating China Economic Growth through Hong Kong? Evidence from Stock Market IPOs and Real Estate Markets. / Leung, Charles Ka Yui; Tang, Edward Chi Ho.
In: International Real Estate Review, Vol. 18, No. 1, 01.03.2015, p. 45-87.Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
