政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/60813

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文笔数/总笔数 : 109951/140887 (78%)
造访人次 : 46274239 在线人数 : 1254

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

政大機構典藏 > 社會科學學院 > 地政學系 > 期刊論文 > Item 140.119/60813

请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/60813

题名:	Are Stock and Real Estate Markets Integrated? An Empirical Study of Six Asian Economies
作者:	Lin, Calvin Tsoyu;Lin,Zong-Han 林左裕
贡献者:	政大地政系
关键词:	Real estate market;Stock market;Cointegration;Segmentation;Substitution effect;Portfolio management
日期:	2011-09
上传时间:	2013-09-13 12:39:33 (UTC+8)
摘要:	Rising asset prices spurred by Asia`s emerging economy have drawn much attention recently. This study examines one source of growth patterns in asset prices by analyzing the integration relationship between stock markets and real estate markets in Asia. Six economies are selected for empirical analysis: China, Hong Kong, Japan, Singapore, South Korea, and Taiwan. Results show that stock markets are integrated with real estate markets in Japan, and partially integrated with real estate markets in China, Hong Kong, and Taiwan. This implies that these two investment vehicles are substitutable in China, Hong Kong, Japan, and Taiwan, and provide diversification potential for investment portfolios in South Korea and Singapore. Examining the timing of market changes, we found the real estate market leading the stock market in some countries, and the stock market leading the real estate market in others. We conclude that stock and real estate markets show a variety of inter-relationships depending on economic and political policy environments.
關聯:	Pacific Basin Finance Journal, 19(5), 571-585
数据类型:	article
DOI 連結:	http://dx.doi.org/http://dx.doi.org/10.1016/j.pacfin.2011.05.001
DOI:	10.1016/j.pacfin.2011.05.001
显示于类别:	[地政學系] 期刊論文

文件中的档案:

档案	描述	大小	格式	浏览次数
571585.pdf		382Kb	Adobe PDF2	1635	检视/开启

在政大典藏中所有的数据项都受到原著作权保护.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

数据加载中.....