Li, Kun. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2009. / Includes bibliographical references (leaves 52-54). / Abstract also in Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Stylized Facts --- p.3 / Chapter 1.2 --- Literature Review --- p.5 / Chapter 1.3 --- Model Framework --- p.8 / Chapter 2 --- The Model --- p.10 / Chapter 2.1 --- The Basic Setting --- p.10 / Chapter 2.2 --- Basic Assumptions of the Model --- p.14 / Chapter 2.3 --- The Bargaining Process --- p.15 / Chapter 2.4 --- The Determination of Ratios --- p.17 / Chapter 2.4.1 --- The Rent-Price Ratio --- p.17 / Chapter 2.5 --- Empirical Evidence --- p.17 / Chapter 2.5.1 --- Data Sources --- p.18 / Chapter 2.5.2 --- Estimation Strategy --- p.19 / Chapter 2.5.3 --- Estimation Results and Discussions --- p.20 / Chapter 3 --- The Model in the Long Run --- p.23 / Chapter 3.1 --- Assumptions --- p.23 / Chapter 3.2 --- Population Dynamics of the Model --- p.24 / Chapter 3.3 --- Comparative Statics --- p.25 / Chapter 3.4 --- Simulation Results in the Long Run --- p.28 / Chapter 3.4.1 --- Housing Market Parameters Variation --- p.28 / Chapter 3.4.2 --- Rental Market Parameters Variation --- p.31 / Chapter 3.5 --- Discussion --- p.34 / Chapter 4 --- The Model in the Short Run --- p.35 / Chapter 4.1 --- Assumptions in the Short Run --- p.35 / Chapter 4.2 --- Short-run Dynamics --- p.36 / Chapter 4.3 --- Simulation Results in the Short Run --- p.37 / Chapter 4.4 --- Discussions --- p.41 / Chapter 5 --- The Dynamics of the Model --- p.42 / Chapter 5.1 --- Dynamic Population and Bellman Equations --- p.42 / Chapter 5.2 --- Transition Path in the Dynamics --- p.43 / Chapter 5.2.1 --- Temporary Shocks and Impulse Responses --- p.43 / Chapter 5.2.2 --- The Transition Path for Permanent Shocks --- p.45 / Chapter 6 --- Further Research Directions --- p.47 / Chapter 6.1 --- Tenure Choice in the Model --- p.47 / Chapter 6.2 --- Market Accessability --- p.48 / Chapter 6.3 --- The ´ةMismatch´ة Approach --- p.49 / Chapter 7 --- Conclusion --- p.50 / Bibliography --- p.52 / Chapter A --- Simulation on Long-run Equilibrium --- p.55 / Chapter B --- Simulation on Short-run Equilibrium --- p.60 / Chapter C --- Transition Paths on Permanent Shock --- p.66 / Chapter D --- Impulse Responses --- p.72

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

Thesis (MDF)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: This study attempts to establish the determinants of house prices in Namibia and their implications foraffordability of houses. The study made use of the ARDL time series model. The study established that the seven variables in the study are cointegrated. The cointegration results enabled the specification and estimation of the ARDL Error Correction Model. The results established that gross domestic product and interest rates are important in explaining the variations in house prices in the short run. Ironically, money supply and inflation, which are closely linked, were found not to affect house prices in the short run. In addition, national domestic credit, which was used as a proxy for total mortgages advanced in the country,wasnot a significant explanation of house prices in the short run. The study also established that the independent variables included in the ARDL Error Correction Model collectively influence house prices in Namibia in the long run. The implication of this is that policies that are meant to influence house prices in the long term can actually target any one or a combination of the variables included in the study. The main recommendation emanating from the study is that the government should redouble its efforts to provide affordable land and housing to the lower and/or middle income households in Namibia.

Leong Chan Fai. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 100-105). / Abstracts in English and Chinese. / Abstract --- p.i-ii / Acknowledgements --- p.iii / Table of Contents --- p.iv / List of Tables --- p.v / List of Figures --- p.vi / Chapter Section 1 --- Introduction --- p.1 / Chapter Section 2 --- Literature Review --- p.5 / Chapter Section 3 --- Data Description --- p.13 / Chapter 3.1 --- Transaction Prices --- p.13 / Chapter 3.2 --- Macroeconomic Variables --- p.15 / Chapter Section 4 --- Methodology --- p.19 / Chapter 4.1 --- Hedonic Pricing --- p.21 / Chapter 4.2 --- Measurements --- p.22 / Chapter 4.3 --- Stationarity --- p.24 / Chapter 4.4 --- Vector Autoregressive Model and Granger Causality --- p.27 / Chapter Section 5 --- Hypothesis Testing --- p.31 / Chapter Section 6 --- Empirical Results --- p.35 / Chapter 6.1 --- Hedonic Pricing Models --- p.35 / Chapter 6.2 --- Real Housing Price Dispersion Indicators and Macro Variables --- p.36 / Chapter 6.3 --- Stationary Tests --- p.37 / Chapter 6.4 --- Results from the Ordinary Least Square Regressions --- p.37 / Chapter 6.5 --- Results from the Vector Auto Regressive Models --- p.40 / Summary and Conclusion --- p.46 / Appendix 1 Tables --- p.49 / Appendix 2 Figures --- p.80 / Reference --- p.100

This dissertation analyzes the complex relationships between language, immigration, and labor and housing market outcomes. First, I model the urban labor market as segmented by language barriers. The prediction of this segmentation theory is confirmed by Canadian Census data, which allow me to identify a worker's labor market segment by her work language. Second, I explore whether the housing market reflects people's willingness to pay for higher quality social-ethnic interactions. By combining housing transaction data and Census information, I am able to test such a relationship with positive results. Finally, I ask what properties housing price series have if some people have better knowledge of the future immigration/migration flows to a city. Under this setup, the price series become serially correlated and the price volatility varies over time. The model also explains the long-standing price-volume relationship in housing transaction data.

published_or_final_version / Housing Management / Master / Master of Housing Management

Disposition effect is one of the most documented trading anomalies studied in financial market. Its presence has been established over time horizons, time periods and market participants. This study will examine such trading behavior in the housing market. Using Mei Foo Sun Chuen estate, one of the largest and most frequent transacted estate in Hong Kong, we show that disposition effect is present in this market. A major difficulty in the statistical analysis is the presence of censored data problem, which is hard to circumvent in linear regression models. So we adopt a survival analysis approach, which can accommodate the issue and fit the data structure. The other difficulty is the possibility of omitted variables in the analysis. Instead of appealing to instrumental variables model approach, which is widely applied in many research studies on individual behavior but is extremely hard to be justified in a whole market case, we make use of partial identification approach to estimate bounds for the estimates rather than just a point estimate. Even though this seems offer us less precise information, it is still informative, especially when the bounds are narrow, and it is much less vulnerable to the validity of instruments. Besides the above techniques, we use bootstrapping method to estimate the standard errors throughout the analysis in order to make valid inference. There are three main results we have established in this study. First, the disposition effect is present in Hong Kong housing market. It shows up in both in pre-1997 and post-1997 periods, which suggest that it is a general phenomenon rather than a short-term trading pattern arising from a major macroeconomic event. Secondly, we show that it is the nominal perspective loss that matters, but not real loss. This confirms the validity of basic setup of both Prospect theory and most previous empirical studies on the disposition effect. Thirdly, the disposition effect is more significant for short term owner of less than 3 years. In fact, the disposition effect is absent or even reverses for those flat owners of more than 6 years. Comparing to the very first study on disposition effect by Shefrin & Statman (1985), our study makes a step forward in understanding trading behavior. We extend it applicability to housing market while their focus is only on financial market even though we are not the first to attempt the extension. We not only show the presence of disposition effect in the housing market, we also show that disposition effect is time dependent. Our results lead further support to disposition effect that its key component, loss, matters only in nominal term, not in real term. Instead of only applying ordinary least squared regression methods, which is widely used in the literature, we apply partial identification approach to tackle the endogeneity issue and apply duration models to deal with censored data and unobserved heterogeneity issues. All this makes our statistical results more robust. / published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

Nowadays, the mobility and globalization of firms make it possible for people to choose their favorite working cities worldwide. Thus beyond employment and income, more and more attention has been paid to the comparison of urban quality of life (UQOL). As housing cost usually consists of the largest share of household budget which is thought as a “ticket” to live in a city, housing prices surely have great impact on the relative value of income and UQOL when one makes a relocation decision. With increasing inter-urban migration in China, the inter-urban real estate development becomes popular. In order to plant right crop for right land, the inter-urban differences on the combination of housing prices, income and UQOL should be well studied. In addition, it is found that cities with high UQOL grow faster because they can attract more talents to work in (Glaeser 2001). But with more and more immigration taken place in high amenity cities, housing prices may rise up faster than workers’ wages. When the advantage of UQOL is offset by the increased housing cost, it would reach a dynamic equilibrium which lets immigration terminate or slow down. Even worse, if housing prices rise higher and higher, talents would have to move out. Therefore, it is noticeable to the urban governments that the pattern of inter-urban competitiveness changes dramatically from the traditional solely economic-driven mode to the sustainable attractiveness by the bundles of housing prices, income and UQOL. This research aims at revealing the quantitative relationship among housing prices, income and UQOL which may give inspiration to city dwellers, developers and governments. Firstly following the compensation theory, a customized equilibrium model is developed to calculate the quantitative value of UQOL. Then a new classification method is proposed to Chinese cities based on their bundles of housing prices, income and UQOL. There are 3-high cities, 2-high (2-high-price&income, 2-high-price&UQOL, 2-high-income&UQOL) cities, 1-high (1-high-price, 1-high-income and 1-high-UQOL) cities and 3-low cities. This classification gives a new vision for city dwellers, developers and governments to recognize the substantive differences among cities which are helpful for decision making, strategy deployment and policy making. Rural labor is suggested to choose 1-high-income cities as early as better. College graduates are advised to enter 2-high-income&UQOL cities as soon as possible. The rich and famous group is recommended to enter 3-high cities to enjoy the most mature service. Inter-urban developers need to take different development strategies in different kinds of cities: develop products at popular locations in 3-high cities, create local good reputation with high-quality housing in cities with high housing prices and enter cities with high UQOL as quickly as possible. For urban governments, it’s important to keep improving UQOL in the course of the economic development. Also, they are advised to control the excessive growth of housing prices especially in 3-high cities. / published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

This research investigated the effects of Scientifically Estimated Environmental Risks (SEERs) and perceived risks of floods, hurricanes, and hazardous material releases, and hazard mitigation measures with other locational and neighborhood amenities on housing prices. This study also tested the relationship between demographic characteristics and SEERs as well as demographic characteristics and environmental risk perceptions. The relationships among these different types of variables were examined by means of statistical analyses such as correlational analyses, ANOVA, MANOVA, and hedonic price regression analyses. Major findings of this research are as follows: There were no statistically significant relationships between most of the demographic characteristics (age, sex, household size, marital status, tenure at the present home) and SEERs of the two natural hazards (a flood and a hurricane). By contrast, SEER of hazardous materials was correlated with all demographic characteristics. There were little differences in risk perceptions of natural and technological hazards across demographic groups. Specifically, the respondents' risk perceptions of both natural and technological hazards did not differ by age, household size, and marital status. By contrast, educational level, gender (male = 1), and median household income were negatively related to perceived risk of the natural hazards, whereas educational attainment and gender were negatively related to perceived risk of hazardous material releases. SEERs of floods and hurricanes were positively related to respondents' perception of property damage, but not related to injury or heath problems from those natural hazards. SEER of hazardous materials was related to all three categories of risk perception of a hazardous material release. Neither the SEERs of natural hazards nor risk perceptions of these hazards had impacts on housing prices. However, the SEER of hazardous material releases and risk perceptions of this hazard were significant housing price determinants. None of the variables representing household hazard mitigation measures contributed to the explanation of housing prices.