Charles K. Leung

City University of Hong Kong

83 Tat Chee Avenue

Kowloon

Hong Kong

SCHOLARLY PAPERS

38

DOWNLOADS
Rank 18,808

SSRN RANKINGS

Top 18,808

in Total Papers Downloads

5,104

SSRN CITATIONS
Rank 9,846

SSRN RANKINGS

Top 9,846

in Total Papers Citations

125

CROSSREF CITATIONS

43

Scholarly Papers (38)

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 1,068 (39,356)
Citation 13

Abstract:

Loading...

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

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 570 (89,600)

Abstract:

Loading...

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 258 (219,683)
Citation 1

Abstract:

Loading...

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 77 (583,801)
Citation 3

Abstract:

Loading...

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

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 200 (280,607)
Citation 5

Abstract:

Loading...

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 107 (470,498)
Citation 6

Abstract:

Loading...

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

4.
Downloads 265 (215,103)
Citation 7

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 154 (353,873)
Citation 7

Abstract:

Loading...

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 111 (457,860)

Abstract:

Loading...

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

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 178 (311,913)

Abstract:

Loading...

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 80 (570,616)

Abstract:

Loading...

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 Tech
Downloads 246 (231,532)
Citation 6

Abstract:

Loading...

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 239 (238,141)
Citation 7

Abstract:

Loading...

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 152 (357,486)
Citation 7

Abstract:

Loading...

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

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 132 (399,730)
Citation 1

Abstract:

Loading...

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

10.

Housing and Macroeconomics

Number of pages: 41 Posted: 02 Feb 2023
Charles K. Leung
City University of Hong Kong
Downloads 124 (419,182)

Abstract:

Loading...

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

11.

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 124 (419,182)
Citation 1

Abstract:

Loading...

housing, macroeconomics, real estate, urban and regional economics

12.

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 124 (419,182)
Citation 3

Abstract:

Loading...

equilibrium model, intertemporal elasticity, land price, price cycle

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 76 (588,448)
Citation 4

Abstract:

Loading...

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 42 (787,994)
Citation 4

Abstract:

Loading...

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

14.
Downloads 107 (467,679)
Citation 18

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 55 (699,301)
Citation 1

Abstract:

Loading...

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 52 (718,185)
Citation 12

Abstract:

Loading...

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

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 51 (724,800)

Abstract:

Loading...

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 51 (724,800)
Citation 6

Abstract:

Loading...

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

16.

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 81 (559,697)

Abstract:

Loading...

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

17.

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 78 (572,047)
Citation 6

Abstract:

Loading...

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

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 54 (705,551)

Abstract:

Loading...

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 21 (976,790)

Abstract:

Loading...

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 42 (787,994)
Citation 2

Abstract:

Loading...

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 32 (869,737)
Citation 2

Abstract:

Loading...

20.

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 64 (636,931)
Citation 6

Abstract:

Loading...

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.

21.

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 62 (647,169)

Abstract:

Loading...

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

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 26 (925,850)

Abstract:

Loading...

23.

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 60 (657,747)
Citation 3

Abstract:

Loading...

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

24.

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 47 (734,320)

Abstract:

Loading...

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

25.

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 42 (768,374)
Citation 6

Abstract:

Loading...

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

26.

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 33 (837,135)

Abstract:

Loading...

Greenfield FDI, persistence, information, social learning

27.

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 33

Abstract:

Loading...

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

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 18 (1,009,492)

Abstract:

Loading...

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 14 (1,054,167)
Citation 2

Abstract:

Loading...

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

29.

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 30 (862,380)
Citation 4

Abstract:

Loading...

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

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 28 (879,762)
Citation 2

Abstract:

Loading...

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

31.

Real Estate Market

Number of pages: 6 Posted: 20 Dec 2023
Charles K. Leung
City University of Hong Kong
Downloads 23 (926,447)

Abstract:

Loading...

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

32.

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 22 (936,187)

Abstract:

Loading...

33.

Hedonic Price Formation

Number of pages: 6 Posted: 20 Dec 2023
Charles K. Leung
City University of Hong Kong
Downloads 16 (997,413)

Abstract:

Loading...

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

34.

Real Estate Market: An Urban Perspective

Number of pages: 4 Posted: 17 Apr 2024
Charles K. Leung
City University of Hong Kong
Downloads 7 (1,085,905)

Abstract:

Loading...

commute cost, housing cost, segregation, self-sorting

35.

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

Abstract:

Loading...

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

36.

Error Correction Dynamics of House Prices: An Equilibrium Benchmark

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

Abstract:

Loading...

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

37.

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

Abstract:

Loading...

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

38.

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

Abstract:

Loading...

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