Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/220201
Title: THE IMPACT OF ANTI-SPECULATION MEASURES: TESTING THE STOCK MARKET
Authors: CHUA DONG JIE JOHN PAUL
Keywords: Real Estate
Sing Tien Foo
Anti-speculation measures
Investment
Government policy
Stock market response
RE
2013/2014 RE
Issue Date: 16-May-2014
Citation: CHUA DONG JIE JOHN PAUL (2014-05-16). THE IMPACT OF ANTI-SPECULATION MEASURES: TESTING THE STOCK MARKET. ScholarBank@NUS Repository.
Abstract: The recent Global Financial Crisis has not only shown that neglecting real estate booms can result in dire consequences but also challenged the age old adage that real estate markets provide a good diversification avenue for stock market players. Investors are beginning to discover that low and stable correlations between the two markets are neither necessarily true nor permanent. In response to the rapidly rising house prices, the government of Singapore is forced to adopt a host of anti-speculation policies. Although theoretically, these macro-prudential policies are designed to target narrow objectives, the effectiveness of such policies is difficult to gauge given their relative infancy and low adoption as compared to traditional monetary/fiscal policies. This paper attempts to gauge the specificity of such policies through the measurement of unintended downstream effects on the stock markets. It empirically analyses if anti-speculation measures targeted to cool the overheating real estate markets would have any ripple effects on the stock market. Using a large panel data set that covers 404 stocks listed on the Singapore Exchange from 1/1/2008 to 11/27/2013, the study found that anti-speculation measures did indeed have a negative impact on the stock markets across the board. More specifically in the electronics & electrical, household goods & home construction, real estate investment & services, real estate investment trust, technology hardware & equipment and travel & leisure sectors.
URI: https://scholarbank.nus.edu.sg/handle/10635/220201
Appears in Collections:Bachelor's Theses

Show full item record
Files in This Item:
File Description SizeFormatAccess SettingsVersion 
John Paul Chua Dong Jie 2013-2014.pdf5.34 MBAdobe PDF

RESTRICTED

NoneLog In

Page view(s)

6
checked on Sep 29, 2022

Download(s)

1
checked on Sep 29, 2022

Google ScholarTM

Check


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