No.188

Theodore Palivos, Chong K. Yip,

Illegal Immigration in a Heterogeneous Society , September 2007

No.187

Li Li, Qing He, Terence Tai-Leung Chong,

A Competing Risk Analysis of Delistings , August 2007

No.186

Terence Tai-Leung Chong, Wai-Chun Lau, Kai-Yin Lui,

The Political Economy of Issuing a Typhoon Signal , July 2007

No.185

Barick Chung,

Double Couponing as Commitment to Increase the Retailer's Profit , January 2007

No.184

Barick Chung,

Simultaneous Decisions in a Network , January 2007

No.183

Qing He, Terence Tai-Leung Chong,

Predicting Currency Crises in Emerging Asian Countries: A Dynamic Threshold Approach , September 2006

No.182

Wing Hei Mak, Terence Tai-Leung Chong, Isabel Kit-Ming Yan,

Market Size, Book-to-Market Equity and the Cross-Section of Stock Returns: An Application of the Multiple-Variable Threshold Model , August 2006

No.181

Hugo Tak-Sang IP, Terence Tai-Leung Chong,

Do Momentum-based Strategies Work in Emerging Currency Markets? , August 2006

No.180

Andy C.C. Kwan, John A. Cotsomitis,

Exogenous Shocks and Consumer Sentiment: The 2003 SARS Epidemic in Hong Kong , March 2006

No.179

Charles Ka Yui Leung, Peiling Wei, Siu Kei Wong,

Are the markets for factories and offices integrated? Evidence from Hong Kong? , February 2006

Abstract:

Due to the relocation of manufacturing facilities from Hong Kong to Mainland China, it is widely believed that some vacant private factories have been used as offices in Hong Kong. Yet there is no direct and systematic evidence to support this speculation. In fact, according to MacGregor and Schwann (2003), industrial and commercial real estate shares some common features. Our research attempts to investigate empirically the price and volume relationship between industrial and commercial real estate, using both aggregate and disaggregate data from the industrial and commercial property markets in Hong Kong. The study was built on the observation that economic restructuring and geographical distance will affect the substitutability (and thus the correlation) of different types of property, and utilizes commonly used time series techniques for analysis. Policy implications are discussed.