Speculating China Economic Growth through Hong Kong? Evidence from Stock Market IPOs and Real Estate Markets

Charles Ka Yui Leung; Edward Chi Ho Tang

doi:10.53383/100193

Speculating China Economic Growth through Hong Kong? Evidence from Stock Market IPOs and Real Estate Markets

Charles Ka Yui Leung, Edward Chi Ho Tang^*

^*Corresponding author for this work

Department of Economics and Finance

Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review

9 Citations (Scopus)

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.

Original language	English
Pages (from-to)	45-87
Journal	International Real Estate Review
Volume	18
Issue number	1
DOIs	https://doi.org/10.53383/100193
Publication status	Published - 1 Mar 2015

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Publication details (e.g. title, author(s), publication statuses and dates) are captured on an “AS IS” and “AS AVAILABLE” basis at the time of record harvesting from the data source. Suggestions for further amendments or supplementary information can be sent to [email protected].

Research Keywords

Animal Spirits Conjecture
Causality
Production Conjecture
Underlying Factor Conjecture
Wealth Effect

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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.",

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N2 - 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.

AB - 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.

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KW - Causality

KW - Production Conjecture

KW - Underlying Factor Conjecture

KW - Wealth Effect

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SN - 2154-8919

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JO - International Real Estate Review

JF - International Real Estate Review

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Speculating China Economic Growth through Hong Kong? Evidence from Stock Market IPOs and Real Estate Markets

Abstract

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Research Keywords

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