Fung Wing Tsan. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1993. / Includes bibliographical references (leaves 130-133). / Abstract --- p.i / Acknowledgment --- p.iii / Chapter Chapter 1 --- INTRODUCTION --- p.1 / Chapter Chapter 2 --- THE PRICING OF STOCK INDEX FUTURES --- p.9 / Chapter I. --- The Theoretical Framework --- p.9 / Chapter II. --- Evidence from the US Markets --- p.17 / Chapter III. --- Evidence from Other Markets --- p.21 / Chapter Chapter 3 --- THE PRICE DISCOVERY ROLE OF FUTURES MARKET --- p.24 / Chapter I. --- The Potential of Lead/Lag Relationship between the Stock Index Futures Price and the Stock Index --- p.24 / Chapter II. --- Empirical Evidence for the Lead/Lag Relationship --- p.27 / Chapter Chapter 4 --- THE HEDGING FUNCTION OF STOCK INDEX FUTURES MARKET --- p.30 / Chapter I. --- The Traditional Approach --- p.31 / Chapter II. --- Working's Speculative Hedge Approach --- p.32 / Chapter III. --- The Risk-Minimizing Approach --- p.33 / Chapter IV. --- The Portfolio Allocation Approach --- p.40 / Chapter Chapter 5 --- AN INTRODUCTION TO THE HANG SENG INDEX FUTURES MARKET --- p.44 / Chapter Chapter 6 --- PRICING EFFICIENCY OF THE HANG SENG INDEX FUTURES MARKET --- p.51 / Chapter I. --- Pricing Efficiency of the Hang Seng Index Futures Market with no Transaction Costs --- p.51 / Chapter II. --- Pricing Efficiency of the Hang Seng Index Futures Market with Transaction Costs --- p.59 / Chapter III. --- The Pattern of the Mispricing Series --- p.66 / Chapter IV. --- Test of Pricing Efficiency using Intraday Prices --- p.70 / Chapter Chapter 7 --- PRICE DISCOVERY ROLE OF THE HANG SENG INDEX FUTURES MARKET --- p.85 / Chapter I. --- The Granger-Causality Test --- p.86 / Chapter II. --- Error-Correction Model and Long-Run Relationship between the Stock Price and the Hang Seng Index Futures Price --- p.93 / Chapter III. --- The Simultaneous-Equation Error-Correction Model --- p.96 / Chapter Chapter 8 --- HEDGING EFFECTIVENESS OF THE HANG SENG INDEX FUTURES MARKET --- p.104 / Chapter I. --- The Effectiveness of Hang Seng Index Futures in Reducing Risks Of Stock Portfolios --- p.104 / Chapter II. --- The Hedged Portfolio as an Alternative to Fixed-Income Asset --- p.115 / Chapter III. --- The Effectiveness of Hang Seng Index Futures in Improving Risk´ؤReturn 'Trade-Off --- p.119 / Chapter Chapter 9 --- conclusion --- p.126 / References --- p.130

Housing price studies is the first step of housing market analysis. Prices are determined at the intersection point of supply and demand curves, which determine equilibrium point that represents equilibrium price and quantity level. At a point in time demand factors are more important in determining the prices because short-run supply curve is almost vertical. However, in the long run supply of housing, and its certain attributes, will increase if price premium arises in the previous periods. In most of the studies, house prices are analyzed by using hedonic price index technique, which enables us to have information about the demand side of housing sector. In the hedonic price framework, heterogeneous goods are considered as aggregations of characteristics, and implicit marginal prices for these characteristics are calculated. When &lsquo / Hedonic Price Analysis&rsquo / is applied to the housing sector, it shows us the price of each housing attribute and gives information about the preferences and willingness to pay of the people for each attribute. Therefore, at the end of such an analysis it is possible to see which attributes are valued most by house buyers in the city. The aim of this thesis is to reveal the implicit prices of housing attributes in the housing market of Ankara, for the year 2006, with the purpose of gaining more information about the demand side of the housing sector. For this purpose, hedonic pricing method is used with the data that are extracted from appraisal reports which include information about main attributes and estimated price of each dwelling unit.

[pt] Vem-se observando, no Brasil, um crescimento do mercado imobiliário. Os jornais e revistas das principais cidades brasileiras contêm inúmeras páginas de anúncios de lançamentos imobiliários. São muitas ofertas, muitos compradores e muitos negócios. O mercado imobiliário está em expansão, atendendo a quase todas as classes sociais e empregando um grande contingente de mão-de-obra. Várias empresas de construção civil foram listadas na Bolsa de Valores de São Paulo, obtendo recursos para o desenvolvimento de projetos. Esse mercado está assumindo, finalmente, um papel importante na economia do Brasil, a exemplo dos EUA, da União Européia e dos países da OCDE (Organização para a Cooperação e o Desenvolvimento Econômico). Ainda falta, contudo, um indicador das tendências do mercado que permita uma análise do investimento, tanto para produtores quanto para os compradores. Na verdade, não existe um índice de preços para o mercado imobiliário para nenhuma cidade brasileira. Esta pesquisa concluiu que para grande parte das prefeituras brasileiras, é possível usar as bases de dados do ITBI (Imposto de Transmissão de Bens Imóveis) e do IPTU (Imposto Predial e Territorial Urbano) para a construção de um índice municipal de preços de apartamentos (IMPA). Um índice foi construído através de um modelo hedônico em que os atributos utilizados são os que constam da base de dados do ITBI, e mais uma variável, que atribui um valor à localização das ruas de um bairro (VR). Essa variável foi obtida na planta genérica de valores (PGV), que serve de base de cálculo do IPTU. A partir do modelo utilizado na cidade de Paris, França, foi proposta uma nova metodologia, testada na cidade do Rio de Janeiro. A divisão das cidades em regiões homogêneas, representadas por um ou mais de seus bairros mais importantes, permitiu a obtenção de índices regionais e, por agregação, um índice municipal. A metodologia é de fácil replicação por grande parte das prefeituras das cidades brasileiras de grande e médio porte que possuam um cadastro das edificações residenciais multi-familiares e uma planta genérica de valores. Quando essas prefeituras construírem seus índices, será possível obter um índice nacional. Os resultados obtidos para o Município do Rio de Janeiro validaram o modelo. / [en] A growth of the real estate market has been observed in Brazil. The newspapers and magazines of main Brazilian cities contain many pages of ads for new real estate developments. There are many offers, many buyers and many deals. The real estate market is growing, meeting the needs of almost all social classes and employing a large pool of labor. A number of construction companies have been listed on the Sao Paulo Stock Exchange, having obtained capital funding for development projects. This market is finally getting an important role in Brazil’s economy, like the U.S., EU and OECD countries (Organization for Economic Cooperation and Development). However, it still lacks an indicator of market trends to enable an analysis of the investment, both for developers and for buyers. As a matter of fact, there is not a price index for the real estate market of any Brazilian city. This research concluded that for most Brazilian cities, it is possible to use the ITBI (Transmission of Real Estate Tax) and IPTU (Buildings and Urban Property Tax) databases for the creation of a municipal index of condominium prices (MICP). An index was created through a hedonic model that uses attributes from the ITBI database, plus a variable attribute which assigns a value to the location of the streets of a neighborhood (VR). This variable attribute was obtained from the plant of generic values (PGV), which serves as the basis for calculating IPTU. Based on the model used in the city of Paris, France, a new methodology was proposed and tested in the city of Rio de Janeiro. The division of cities into homogeneous regions, represented by one or more of the most important neighborhoods, enabled the achievement of a regional index and, by means of aggregation, a municipal index. The methodology is easy to replicate for most Brazilian cities of large and medium size that have a record of multi-family residential buildings and a general valuation platform. After those cities build their own indexes, it will be possible to obtain a national index. The results for Rio de Janeiro have validated that model.

Choy Siu Kai. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 35-37). / Abstracts in English and Chinese. / Chapter Chapter 1 --- Introduction --- p.1-2 / Chapter Chapter 2 --- Literature Review --- p.3-9 / Chapter Chapter 3 --- An Overview of Hong Kong Security Market and Data Description --- p.10-18 / Chapter Chapter 4 --- Methodology --- p.19-24 / Chapter Chapter 5 --- Futures and Mini Futures Results --- p.25-28 / Chapter Chapter 6 --- Index and Futures Contracts Results --- p.29-32 / Chapter Chapter 7 --- Conclusion --- p.33-34 / References --- p.35-37 / Appendix --- p.38-40 / Tables --- p.41-52 / Graphs --- p.53-57

by Lee Yiu Cho. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaf 47). / ACKNOWLEDGMENT --- p.iii / ABSTRACT --- p.iv / TABLE OF CONTENTS --- p.v / LIST OF CHARTS --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- THE HANG SENG INDEX OPTION --- p.3 / Chapter III. --- LITERATURE REVIEW --- p.6 / Chapter IV. --- METHODOLOGY & DATA COLLECTION --- p.9 / Methodology --- p.9 / The Black-Scholes Model --- p.9 / Data Collection --- p.11 / Data Manipulation --- p.13 / Limitation of Data --- p.14 / Chapter V. --- EMPIRICAL RESULTS --- p.16 / General Trading Pattern --- p.16 / Comparison of Actual and Theoretical Premiums --- p.17 / Analysis for 2 Sub-periods --- p.19 / Correlation Between Deviations and Variables --- p.22 / The Degree of in-the-money or out-of-the-money --- p.22 / Actual Premium Level --- p.23 / Transaction Volume --- p.25 / Chapter VI. --- CONCLUSION --- p.26 / CHARTS --- p.29 / BIBLIOGRAPHY --- p.47