Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/30929
Title: Rational expectations and market fundamentals
Authors: Hui, E 
Lui, T
Keywords: Housing
Pricing
Forecasting
Marketing
Hong Kong
Issue Date: 2002
Publisher: Emerald Group Publishing Limited
Source: Journal of property investment and finance, 2002, v. 20, no. 1, p. 9-22 How to cite?
Journal: Journal of property investment and finance 
Abstract: This paper uses an econometric approach to examine the relationship between real ( ex post) and rationally expected housing prices in Hong Kong over its boom and bust cycle. Models of market fundamentals are developed from a rational expectation hypothesis to compare the ex post housing prices and expected housing prices, and to test whether the housing price can reflect the market fundamentals. The findings suggest that the private housing price in Hong Kong is cointegrated to the market fundamentals in the long‐runP only; and exhibits a volatile performance in the short‐run. The short‐term market “noises” are believed largely to be the result of government intervention and unexpected market fluctuations.
URI: http://hdl.handle.net/10397/30929
ISSN: 1463-578X
EISSN: 1470-2002
DOI: 10.1108/14635780210416237
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