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Charles K. Leung

City University of Hong Kong

83 Tat Chee Avenue

Kowloon, 九龍

Hong Kong

SCHOLARLY PAPERS

41

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124

Scholarly Papers (41)

Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations

Globalization Institute Working Paper No. 380
Number of pages: 62 Posted: 29 Apr 2020
Charles K. Leung, Cho Yiu Joe Ng and Edward Tang
City University of Hong Kong, City University of Hong Kong and affiliation not provided to SSRN
Downloads 950 (60,611)

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wage index and household income, time series decomposition, migration, structural breaks, housing demand

Why Is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations

Number of pages: 61 Posted: 08 May 2020
Charles K. Leung, Cho Yiu Joe Ng and Edward Chi Ho Tang
City University of Hong Kong, City University of Hong Kong and Hong Kong Shue Yan University
Downloads 362 (203,627)
Citation 1

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Housing Demand, Migration, Structural Break, Time Series Decomposition, Wage Index and Household Income

Why Is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations

ISER DP No. 1081, March 2020
Number of pages: 62 Posted: 17 Apr 2020
Charles K. Leung, Cho Yiu Joe Ng and Edward Chi Ho Tang
City University of Hong Kong, City University of Hong Kong and Hong Kong Shue Yan University
Downloads 148 (500,012)
Citation 3

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Housing Demand, Migration, Structural Break, Time Series Decomposition, Wage Index and Household Income

2.

Availability, Affordability and Volatility: The Case of Hong Kong Housing Market

Number of pages: 75 Posted: 16 Nov 2014
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and Hong Kong Shue Yan University
Downloads 1,328 (37,833)
Citation 13

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Land policies, housing availability, housing affordability, housing volatility, Granger causality

3.
Downloads 374 (200,118)
Citation 9

Macro Aspects of Housing

Globalization and Monetary Policy Institute Working Paper No. 340
Number of pages: 73 Posted: 15 Jun 2018 Last Revised: 29 Apr 2020
Charles K. Leung and Cho Yiu Joe Ng
City University of Hong Kong and City University of Hong Kong
Downloads 223 (339,975)
Citation 9

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Stylized facts, macro-housing-finance linkage, global financial crisis, business cycle frequency, housing market variables

Macro Aspects of Housing

ISER Discussion Paper No. 1030
Number of pages: 75 Posted: 22 May 2018
Charles K. Leung and Cho Yiu Joe Ng
City University of Hong Kong and City University of Hong Kong
Downloads 151 (503,049)

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Stylized Facts, Macro-Housing-Finance Linkage, Global Financial Crisis, Business Cycle Frequency, Housing Market Variables

Speculating China Economic Growth Through Hong Kong? Evidence from the Stock Market IPO and Real Estate Markets

46th Annual AREUEA Conference Paper
Number of pages: 62 Posted: 29 Nov 2010
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and City University of Hong Kong (CityU)
Downloads 226 (339,975)
Citation 5

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Speculating China Economic Growth Through Hong Kong? Evidence from the Stock Market IPO and Real Estate Markets

Number of pages: 47 Posted: 19 Apr 2013 Last Revised: 21 Apr 2013
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and Hong Kong Shue Yan University
Downloads 124 (590,717)
Citation 6

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Animal spirits conjecture, production conjecture, underlying factor conjecture, causality, wealth effect

The Role of Sponsor and External Management on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore

Number of pages: 36 Posted: 11 Dec 2014
Dong Chen, Yanmin Gao, Mayank Kaul, Charles K. Leung and Desmond Tsang
Wuhan University - School of Economics and Management, Bob Gaglardi School of Business and Economics, Thompson Rivers University, Citibank, N.A. - Risk Management, City University of Hong Kong and McGill University - Desautels Faculty of Management
Downloads 222 (346,057)

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Asian-Pacific REIT markets, capital structure, debt maturity, simultaneous equation modelling, financial crisis

The Role of Sponsor and External Management on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore

ISER Discussion Paper No. 920
Number of pages: 37 Posted: 16 Jan 2015
Dong Chen, Yanmin Gao, Mayank Kaul, Charles K. Leung and Desmond Tsang
Wuhan University - School of Economics and Management, Bob Gaglardi School of Business and Economics, Thompson Rivers University, Citibank, N.A. - Risk Management, City University of Hong Kong and McGill University - Desautels Faculty of Management
Downloads 98 (715,783)

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Asian-Pacific REIT markets, capital structure, debt maturity, simultaneous equation modelling, financial crisis

6.

Tax-Driven Bunching of Housing Market Transactions: The Case of Hong Kong

Number of pages: 42 Posted: 24 Feb 2014
Charles K. Leung, Tin Cheuk Leung and Kwok Tsang
City University of Hong Kong, Wake Forest University - Department of Economics and Virginia Tech
Downloads 307 (250,461)
Citation 6

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bunching, change in nonlinear tax schedule, housing market, tax avoidance and tax evasion, underpricing

7.

Housing and Macroeconomics

Number of pages: 41 Posted: 02 Feb 2023
Charles K. Leung
City University of Hong Kong
Downloads 292 (263,338)

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Affordability, aggregate and regional shocks, belief and expectation, rental market, housing

8.

The Market Valuation of Interior Design and Developers Strategies: A Simple Theory and Some Evidence

Number of pages: 45 Posted: 22 Jan 2013
Charles K. Leung, Jun Zhang and Wai Ma
City University of Hong Kong, City University of Hong Kong and The Chinese University of Hong Kong (CUHK)
Downloads 275 (278,382)
Citation 6

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endogenous multi-collinearity, interior design, market valuation, dummy variables, interaction terms

9.

Return Enhancing, Cash-Rich or Simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings

Number of pages: 50 Posted: 12 Feb 2013
Charles K. Leung
City University of Hong Kong
Downloads 188 (411,650)
Citation 1

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corporate real estate, empire-building, corporate governance, financial constraint

10.

Handbook of Real Estate and Macroeconomics: An Introduction

ISER DP No. 1137 (2021)
Number of pages: 14 Posted: 11 Aug 2021
Charles K. Leung
City University of Hong Kong
Downloads 180 (422,345)
Citation 1

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housing, macroeconomics, real estate, urban and regional economics

What Account for the Differences in Rent-Price Ratio and Turnover Rate? A Search-and-Matching Approach

Number of pages: 106 Posted: 06 Feb 2017
Daisy Huang, Charles K. Leung and Chung-Yi Tse
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 115 (629,668)
Citation 4

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housing rental yield, turnover rate, bootstrap, leave-one-out cross validation (LOOCV), matching estimator, 3 stages least squares (3SLS)

What Account for the Differences in Rent-Price Ratio and Turnover Rate? A Search-and-Matching Approach

ISER Discussion Paper No. 990
Number of pages: 106 Posted: 03 Feb 2017
Daisy Huang, Charles K. Leung and Chung-Yi Tse
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 65 (947,975)
Citation 4

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housing rental yield, turnover rate, bootstrap, leave-one-out cross validation (LOOCV), matching estimator, 3 stages least squares (3SLS)

12.
Downloads 171 (461,984)
Citation 13

Flipping in the Housing Market

ISER Discussion Paper No. 989
Number of pages: 64 Posted: 25 Jan 2017
Charles K. Leung and Chung-Yi Tse
City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 96 (749,143)
Citation 12

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search and matching, housing market, liquidity, flippers and speculators, financing and bargaining advantage

Flipping in the Housing Market

Number of pages: 61 Posted: 23 Jan 2017
Charles K. Leung and Chung-Yi Tse
City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 75 (871,518)
Citation 1

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Search and matching, housing market, liquidity, flippers and speculators, financing and bargaining advantage

13.

House Market in Chinese Cities: Dynamic Modeling, In-Sample Fitting and Out-of-Sample Forecasting

Number of pages: 44 Posted: 24 Aug 2010
City University of Hong Kong, Hong Kong Institute for Monetary Research, Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR) and Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR)
Downloads 170 (447,215)
Citation 7

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pre-sale, production constraint, collateral constraint, cross-city heterogeneity, fundamental versus policy

14.

Financial Conditions, Local Competition, and Local Market Leaders: The Case of Real Estate Developers

ISER DP No.1130
Number of pages: 69 Posted: 19 Apr 2021
Ying Fan, Charles K. Leung and Zan Yang
Hong Kong Polytechnic University, City University of Hong Kong and Tsinghua University
Downloads 142 (521,245)

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Corporate Financial Status, Output Market Decision, Internal and External Driven, Real Estate Developers, Housing Supply

15.

The Dynamics of the House Price-to-Income Ratio: Theory and Evidencer Title]

Number of pages: 45 Posted: 12 Apr 2021
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and Hong Kong Shue Yan University
Downloads 142 (521,245)

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housing affordability, output dynamics, endogenous house price, wage rigidity, monetary policy rule.

16.

The Dynamics of the House Price-to-Income Ratio: Theory and Evidence

ISER DP No. 1125
Number of pages: 74 Posted: 26 Mar 2021
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and Hong Kong Shue Yan University
Downloads 142 (521,245)
Citation 2

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housing affordability, output dynamics, endogenous house price, wage rigidity, monetary policy rule.

17.

Intrinsic Cycles of Land Price: A Simple Model

Journal of Real Estate Research, Vol. 28, No. 3, 2006
Number of pages: 28 Posted: 13 Dec 2006
Charles K. Leung and Nan‐Kuang Chen
City University of Hong Kong and National Taiwan University
Downloads 141 (521,245)
Citation 3

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equilibrium model, intertemporal elasticity, land price, price cycle

Losing Track of the Asset Markets: The Case of Housing and Stock

Number of pages: 118 Posted: 24 Apr 2015
Kuang-Liang Chang, Nan‐Kuang Chen and Charles K. Leung
National Chiayi University, National Taiwan University and City University of Hong Kong
Downloads 71 (895,539)
Citation 6

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monetary policy, financial market variables, Uni-variate Single-regime Benchmark (USB), Markov Regime Switching, forecasting

Losing Track of the Asset Markets: The Case of Housing and Stock

ISER Discussion Paper No. 932
Number of pages: 119 Posted: 21 Apr 2015
Kuang-Liang Chang, Nan‐Kuang Chen and Charles K. Leung
National Chiayi University, National Taiwan University and City University of Hong Kong
Downloads 68 (921,129)

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monetary policy, financial market variables, Uni-variate Single-regime Benchmark, Markov Regime Switching, forecasting

Does Space Matter? The Case of the Housing Expenditure Cap

Number of pages: 45 Posted: 19 Oct 2023
Yifan Gong and Charles K. Leung
University of Nebraska at Lincoln and City University of Hong Kong
Downloads 74 (863,736)

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housing expenditure share, monocentric model of a city, spatial sorting, welfare inequality

Does Space Matter? The Case of the Housing Expenditure Cap

ISER Discussion Papers No. 1214, September 2023
Number of pages: 45 Posted: 25 Oct 2023
Yifan Gong and Charles K. Leung
University of Nebraska at Lincoln and City University of Hong Kong
Downloads 40 (1,224,220)
Citation 2

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housing expenditure share, monocentric model of a city, spatial sorting, welfare inequality

How Did the Asset Markets Change after the Global Financial Crisis?

Number of pages: 59 Posted: 13 Apr 2021
Charles K. Leung and Kuang-Liang Chang
City University of Hong Kong and National Chiayi University
Downloads 77 (840,816)

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economic index of riskiness, economic performance index, real estate markets, stock markets separated

How Did the Asset Markets Change after the Global Financial Crisis?

ISER DP No. 1124
Number of pages: 59 Posted: 24 Mar 2021
Kuang-Liang Chang and Charles K. Leung
National Chiayi University and City University of Hong Kong
Downloads 36 (1,267,060)

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Economic index of riskiness, Risk-adjusted-performance index, Real estate markets, Stock markets

Do Bank Loans and Local Amenities Explain Chinese Urban House Prices?

Number of pages: 75 Posted: 05 Mar 2015
Daisy Huang, Charles K. Leung and Baozhi Qu
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and China Merchants Group
Downloads 67 (947,975)
Citation 2

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city-level house price dynamics; endogenous income and endogenous amenities; bank loans and monetary policy; multicollinearity; clustered standard errors

Do Bank Loans and Local Amenities Explain Chinese Urban House Prices?

Globalization and Monetary Policy Institute Working Paper No. 230
Number of pages: 70 Posted: 17 Aug 2015
Daisy Huang, Charles K. Leung and Baozhi Qu
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and China Merchants Group
Downloads 46 (1,170,161)
Citation 3

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A Special Issue on Housing, Credit Markets, and the Macroeconomy: An Introduction

Number of pages: 3 Posted: 11 Sep 2016
Charles K. Leung and Nan‐Kuang Chen
City University of Hong Kong and National Taiwan University
Downloads 98 (709,832)
Citation 6

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housing, credit and capital markets, macroeconomy, demographic, securitization

The Deep Historical Roots of Macroeconomic Volatility

Globalization and Monetary Policy Institute Working Paper No. 271
Number of pages: 46 Posted: 20 Apr 2016
Sam Hak Kan Tang and Charles K. Leung
University of Western Australia and City University of Hong Kong
Downloads 42 (1,196,631)

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24.

Comparing Consumption-Based Asset Pricing Models: The Case of an Asian City

Number of pages: 50 Posted: 12 Dec 2014
Yum K. Kwan, Charles K. Leung and Jinyue Dong
City University of Hong Kong (CityU) - Department of Economics & Finance, City University of Hong Kong and City University of Hong Kong (CityU)
Downloads 89 (759,537)
Citation 6

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Consumption-based asset pricing model; Recursive utility; Habit formation; Consumption growth risk; Composition risk; Labor income risk; Long-run risk; Collateral constraint; Hansen-Jagannathan distance; Model confidence sets.

25.

Real Estate Market

Number of pages: 6 Posted: 20 Dec 2023
Charles K. Leung
City University of Hong Kong
Downloads 79 (830,555)

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centralized versus decentralized markets; search-theoretic models; match; policy

26.

Commodity House Prices

Number of pages: 89 Posted: 04 Sep 2013
Charles K. Leung, Song Shi and Edward Chi Ho Tang
City University of Hong Kong, Massey University - School of Economics and Finance and Hong Kong Shue Yan University
Downloads 77 (837,727)
Citation 3

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regional economies, energy versus non-energy commodity price, propagation mechanism, geographically hierarchical model, dynamic analysis

27.

Public Housing Units vs. Housing Vouchers: Accessibility, Local Public Goods, and Welfare

Number of pages: 39 Posted: 05 Sep 2012
Charles K. Leung, Sinan Sarpca and Kuzey Yilmaz
City University of Hong Kong, Koc University - Department of Economics and University of Rochester - Department of Economics
Downloads 76 (844,901)
Citation 6

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housing policy, welfare, residential location choice, local public goods, endogenous sorting

28.

Corporate Real Estate Holding and Stock Returns: International Evidence from Listed Companies

ISER DP No. 1158
Number of pages: 42 Posted: 25 Mar 2022
Cho Yiu Joe Ng, Charles K. Leung and Suikang Chen
City University of Hong Kong, City University of Hong Kong and City University of Hong Kong (CityU)
Downloads 75 (860,052)

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Global Financial Crisis, corporate real estate holding, collateral constraint, illiquidity premium, panel regression

29.

Greenfield Foreign Direct Investment: Social Learning Drives Persistence

ISER DP No. 1171
Number of pages: 53 Posted: 06 Apr 2022
City University of Hong Kong, City University of Hong Kong, affiliation not provided to SSRN and Virginia Tech
Downloads 66 (916,100)

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Greenfield FDI, persistence, information, social learning

30.

From Pandemics to Portfolios: Long-Term Impacts of the 2009 H1N1 Outbreak on Household Investment Choices

Number of pages: 94 Posted: 11 Apr 2025
Naijia Guo, Charles K. Leung and Shumeng Zhang
The University of Hong Kong, City University of Hong Kong and School of Economics, Nankai University
Downloads 62 (951,658)

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pandemic, portfolio choice, rational inattention, risky share

31.

Hedonic Price Formation

Number of pages: 6 Posted: 20 Dec 2023
Charles K. Leung
City University of Hong Kong
Downloads 46 (1,133,231)
Citation 1

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hedonic price, portfolio of attributes, valuation, unobservable, non-tradeable

32.

Icing on the Cake: Can the Top-Floor Units Serve as a Status Good and an Investment Simultaneously? 

Number of pages: 120 Posted: 10 Oct 2024
Edward Chi Ho Tang and Charles K. Leung
Hong Kong Shue Yan University and City University of Hong Kong
Downloads 44 (1,183,237)

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top floor units, peer group effect on consumption, speculation, submarkets

33.

Do Bank Loans and Local Amenities Explain Chinese Urban House Prices

ISER Discussion Paper No. 928
Number of pages: 70 Posted: 12 Mar 2015
Daisy Huang, Charles K. Leung and Baozhi Qu
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and China Merchants Group
Downloads 42 (1,183,237)
Citation 5

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endogenous income and endogenous amenities; bank loans and monetary policy; multicollinearity; clustered standard errors

34.

Flipping the Housing Market

Globalization and Monetary Policy Institute Working Paper No. 301
Number of pages: 61 Posted: 27 Jan 2017
Charles K. Leung and Chung-Yi Tse
City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 40 (1,209,354)

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35.

Corporate Real Estate Holding and Stock Returns: International Evidence from Listed Companies

Acharya, V., Crosignani, M., Eisert, T. and Eufinger, C. (2019a). Zombie credit and (dis-) inflation in Europe, NYU, mimeo, Discussion Paper No. 1158 Acharya, V., Eisert, T., Eufinger, C. and Hirsch, C. W. (2019b). Whatever it takes: The real effects of unconventional monetary policy. Review of F
Number of pages: 42
Cho Yiu Ng, Charles K. Leung and Suikang Chen
City University of Hong Kong (CityU), City University of Hong Kong and City University of Hong Kong (CityU)
Downloads 40

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Global financial crisis, corporate real estate holding, collateral constraint, illiquidity premium, panel regression

36.

Real Estate Market: An Urban Perspective

Number of pages: 4 Posted: 17 Apr 2024
Charles K. Leung
City University of Hong Kong
Downloads 36 (1,263,436)

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commute cost, housing cost, segregation, self-sorting

37.

How Would Monopsony Employer Hurt Labor? A Simple Dynamic Model 

Number of pages: 51 Posted: 11 Jun 2026
Chiu Yu Ko and Charles K. Leung
Chinese University of Hong Kong and City University of Hong Kong
Downloads 14

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Excessive Inequality, Increasing Market Concentration, Monopsony Power, Productivity Difference, Under-pay and Under-employment, Repeated Moral Hazard

38.

What Accounts for the Differences in Rent-Price Ratio and Turnover Rate? A Search-and-Matching Approach

Journal of Real Estate Finance and Economics, Vol. 57, No. 3, 2018
Posted: 12 Oct 2018
Daisy Huang, Charles K. Leung and Chung-Yi Tse
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and The University of Hong Kong - School of Economics and Finance

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Housing Rental Yield; Turnover Rate; Bootstrap; Leave-One-Out Cross-Validation; Matching Estimator; 3-Stage Least Squares

39.

Error Correction Dynamics of House Prices: An Equilibrium Benchmark

Posted: 05 May 2014
Charles K. Leung
City University of Hong Kong

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fundamental house price, error-correction model, cointegration, house price-to-income ratio, endogenous house price and income

40.

Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis

Real Estate Economics, Forthcoming
Posted: 17 Nov 2010
Yi Jan, Charles K. Leung and Zhixiong Zeng
Monash University, City University of Hong Kong and Monash University

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External Finance Premium, Residential and Corporate Real Estate, Capital Market Imperfections, Equilibrium Default, Real Estate Price Volatility

41.

Asset Price Spillover, Collateral and Crises: With an Application to Property Market Policy

Journal of Real Estate Finance and Economics, Vol. 37, No. 4, 2008
Posted: 22 Aug 2008
Nan‐Kuang Chen and Charles K. Leung
National Taiwan University and City University of Hong Kong

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asset prices, crisis, property market policy, real estate markets, spillover