Charles K. Leung

City University of Hong Kong

83 Tat Chee Avenue

Kowloon

Hong Kong

SCHOLARLY PAPERS

37

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3,218

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101

CROSSREF CITATIONS

53

Scholarly Papers (37)

1.

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 595 (64,562)
Citation 13

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

2.

Does the Dipasquale-Wheaton Model Explain the House Price Dynamics in China Cities?

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 25/2008
Number of pages: 40 Posted: 04 Jan 2009
Kenneth K. Chow, Matthew S. Yiu, Charles K. Leung and Dickson Tam
Hong Kong Institute for Monetary Research, Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR), City University of Hong Kong and Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR)
Downloads 541 (72,806)
Citation 6

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Housing Market Dynamics, Cross-city Difference, Panel Data Method

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 182 (230,055)
Citation 3

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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 80 (420,118)
Citation 6

Abstract:

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

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 151 (269,573)

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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 55 (511,652)
Citation 1

Abstract:

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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 20 (725,362)
Citation 2

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

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, City University of Hong Kong - College of Business, Citibank, N.A. - Risk Management, City University of Hong Kong and McGill University - Desautels Faculty of Management
Downloads 139 (288,144)

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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, City University of Hong Kong - College of Business, Citibank, N.A. - Risk Management, City University of Hong Kong and McGill University - Desautels Faculty of Management
Downloads 61 (486,887)

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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 and Virginia Polytechnic Institute & State University
Downloads 167 (247,347)
Citation 6

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

7.

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 155 (263,295)
Citation 7

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

8.

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 128 (305,682)
Citation 8

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

9.

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 106 (349,116)
Citation 3

Abstract:

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equilibrium model, intertemporal elasticity, land price, price cycle

10.
Downloads 100 (362,810)
Citation 6

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 67 (463,913)

Abstract:

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

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 33 (627,068)
Citation 6

Abstract:

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

11.

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 96 (372,331)
Citation 1

Abstract:

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

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 48 (543,851)
Citation 4

Abstract:

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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 17 (751,911)
Citation 4

Abstract:

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

13.

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 62 (476,052)

Abstract:

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housing, macroeconomics, real estate, urban and regional economics

14.

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 57 (495,369)
Citation 6

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

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 29 (653,967)

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

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 23 (700,019)
Citation 7

Abstract:

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

16.
Downloads 51 (520,598)
Citation 12

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 34 (620,606)
Citation 1

Abstract:

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

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 17 (751,911)
Citation 12

Abstract:

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

17.

Do Elite Colleges Matter? The Impact on Entrepreneurship Decisions and Career Dynamics

ISER DP No. 1126
Number of pages: 70 Posted: 29 Mar 2021
Naijia Guo and Charles K. Leung
The Chinese University of Hong Kong (CUHK) and City University of Hong Kong
Downloads 41 (752,127)

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[comentrepreneurship, elite college, intergenerational transferma separated]

18.

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 40 (573,090)
Citation 3

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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.

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 27 (668,557)

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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 11 (810,298)

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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 25 (683,929)
Citation 2

Abstract:

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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 13 (790,083)

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21.

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 38 (583,502)
Citation 2

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

22.

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 27 (650,258)
Citation 6

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

23.

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 26 (657,288)

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

24.

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 25 (664,487)

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

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 8 (842,022)

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The Deep Historical Roots of Macroeconomic Volatility

Economic Record, Vol. 92, Issue 299, pp. 568-589, 2016
Number of pages: 22 Posted: 05 Dec 2016
Sam Hak Kan Tang and Charles K. Leung
University of Western Australia and City University of Hong Kong
Downloads 1 (932,336)

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26.

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 18 (718,671)

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

27.

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 Polytechnic Institute & State University
Downloads 15 (744,151)

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Greenfield FDI, persistence, information, social learning

28.

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 14 (753,173)
Citation 3

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

29.

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 10

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

30.

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 8 (810,758)
Citation 1

Abstract:

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

31.

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 6 (831,331)

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32.

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

Real Estate Economics, Vol. 40, Issue 1, pp. 167-195, 2012
Posted: 21 Feb 2012
Yi Jin, Charles K. Leung and Zhixiong Zeng
Monash University, City University of Hong Kong and Monash University
Downloads 2 (877,942)
Citation 4

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33.

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

34.

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

35.

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

36.

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

37.

A Special Issue on Housing Affordability: An Introduction

ISER DP No. 1180
Number of pages: 6
Charles K. Leung and Kwok Ping Tsang
City University of Hong Kong and Virginia Polytechnic Institute & State University
Downloads 0

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housing affordability, demand and supply, policy implications, structural model