UM  > 工商管理學院  > 金融及商業經濟學系
Which is a better investment choice in the Hong Kong residential property market: a big or small property?
Qiao,Zhuo1; Wong,Wing Keung2
2015-04-03
Source PublicationApplied Economics
ISSN14664283 00036846
Volume47Issue:16Pages:1670-1685
Abstract

The relationship between property size and property investment yield is an interesting issue in the real estate market. Previous studies usually use the mean–variance criterion to compare the return-risk profiles of the yields of different property sizes in the United States. However, this criterion has a few shortcomings. This article provides the first attempt to use a stochastic dominance approach to analyse this issue. We adopt two powerful stochastic dominance tests to compare the yields of five property size classes in the Hong Kong residential property market. In our study, we analyse two possible investment outcomes: (1) investors could not rent out their properties, and thus they would gain/lose from the appreciation/depreciation of residential property prices; (2) investors could also gain from rental incomes. Our empirical results provide strong evidence to show that the yields of smaller property classes stochastically dominate the yields of bigger property classes, suggesting that buying smaller properties is a better investment choice in the Hong Kong residential property market.

KeywordHong Kong Residential Property Market Mean–variance Criterion Property Size Stochastic Dominance
DOI10.1080/00036846.2014.1000534
URLView the original
Indexed BySSCI
Language英语
Fulltext Access
Citation statistics
Cited Times [WOS]:8   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionDEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorQiao,Zhuo
Affiliation1.Department of Finance and Business Economics,University of Macau,,Taipa,Macao
2.Department of Economics,Hong Kong Baptist University,,Kowloon Tong,Hong Kong
First Author AffilicationUniversity of Macau
Corresponding Author AffilicationUniversity of Macau
Recommended Citation
GB/T 7714
Qiao,Zhuo,Wong,Wing Keung. Which is a better investment choice in the Hong Kong residential property market: a big or small property?[J]. Applied Economics,2015,47(16):1670-1685.
APA Qiao,Zhuo,&Wong,Wing Keung.(2015).Which is a better investment choice in the Hong Kong residential property market: a big or small property?.Applied Economics,47(16),1670-1685.
MLA Qiao,Zhuo,et al."Which is a better investment choice in the Hong Kong residential property market: a big or small property?".Applied Economics 47.16(2015):1670-1685.
Related Services
Recommend this item
Bookmark
Usage statistics
Export to Endnote
Google Scholar
Similar articles in Google Scholar
[Qiao,Zhuo]'s Articles
[Wong,Wing Keung]'s Articles
Baidu academic
Similar articles in Baidu academic
[Qiao,Zhuo]'s Articles
[Wong,Wing Keung]'s Articles
Bing Scholar
Similar articles in Bing Scholar
[Qiao,Zhuo]'s Articles
[Wong,Wing Keung]'s Articles
Terms of Use
No data!
Social Bookmark/Share
All comments (0)
No comment.
 

Items in the repository are protected by copyright, with all rights reserved, unless otherwise indicated.