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1	Segmented or Integrated? The Interaction between Taiwan Stock Market and Real Estate Market Yang, Chih-Yuan 27 July 2010 (has links) As the two main components of household portfolios, stocks and real estate are likely to catch people¡¦s attention. Although the number of extant studies on the interaction between the stock and real estate markets is large, the views and empirical evidence in those studies show inconsistent results. This dissertation provides an explanation for the inconsistent results: market imperfection. Employing the threshold vector error correction model to examine the interaction between Taiwan¡¦s stock and real estate markets during the period from 1973Q2 to 2009Q4, the empirical results support this explanation. When the transaction benefit from the disequilibrium between the stock and real estate markets can cover the potential cost resulting from market imperfection, the relationship between the stock and real estate markets is integrated; but when there is slight disequilibrium, the price of real estate will not converge since the arbitrage benefit cannot cover the cost of transaction. As a result, the relationship is segmented. The empirical results of the study are very robust as similar conclusions result when different proxies for housing prices are used. The interactions between the stock and the sub-region housing markets also show similar results. Finally, when macroeconomic factors are considered, the asymmetric dynamic relationship is still significant. stock market market imperfection threshold vector error correction model real estate market
2	Economic Theory and Econometric Methods in Spatial Market Integration Analysis / Ökonomische Theorie und ökonometrische Verfahren in Analysen räumlicher Marktintegration Araujo, Enciso, Sergio, René 24 May 2012 (has links) No description available. 630 Landwirtschaft Veterinärmedizin YIO 100 YJA 500 YJA 600 LMD 010 Agricultural Sciences räumlicher Marktintegration Räumliche Gleichgewichtsbedingung Gesetzes vom einheitlichen Preis Kointegration Schwellen-Vektor-Fehlerkorrektur Spatial Market Integration Spatial Equilibrium Condition Law of One Price cointegration Threshold Vector Error Correction Model 83.66

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Segmented or Integrated? The Interaction between Taiwan Stock Market and Real Estate Market

Economic Theory and Econometric Methods in Spatial Market Integration Analysis / Ökonomische Theorie und ökonometrische Verfahren in Analysen räumlicher Marktintegration