Please use this identifier to cite or link to this item: https://doi.org/10.1108/17439130710756925
DC FieldValue
dc.titleCycles and common cycles in real estate markets
dc.contributor.authorLiow, K.H.
dc.date.accessioned2013-10-14T05:08:10Z
dc.date.available2013-10-14T05:08:10Z
dc.date.issued2007
dc.identifier.citationLiow, K.H. (2007). Cycles and common cycles in real estate markets. International Journal of Managerial Finance 3 (3) : 287-305. ScholarBank@NUS Repository. https://doi.org/10.1108/17439130710756925
dc.identifier.issn17439132
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/46112
dc.description.abstractPurpose - The paper seeks to examine cycles and common cycles in the real estate markets of the UK, Japan, Singapore, Hong Kong and Malaysia using a combination of time domain and frequency domain methods. Design/methodology/ approach - The paper identifies the patterns of cyclical movement (if any) in the five public real estate markets, and searches for common cycle characteristics and patterns in international real estate markets. In addition to the time domain analyses, these empirical investigations are further empowered by a frequency domain method that includes spectral and co-spectral analyses. Findings - International real estate markets are characterized by cyclical behavior that exhibits phenomenal fluctuations. The markets are also pro-cyclical; they do tend to move together. Furthermore, some differences in the patterns of the common cycles and their lead-lag linkages are evident. Research limitations/implications - International investors would probably benefit from diversifying real estate stocks across the UK and Asian real estate markets, especially in the short and medium terms. However, the long-term cyclical patterns across the national real estate stock markets are not sharply different, indicating that smaller diversification benefits are to be expected in the long term. Originality/value - Common cycle analysis advances investors' understanding of the long-term relationship and medium- and short-term linkages across international real estate markets, thereby allowing investors and portfolio managers an opportunity to discern any contrasting cyclical patterns at all frequencies so as to assist in their portfolio decisions. © Emerald Group Publishing Limited.
dc.description.urihttp://libproxy1.nus.edu.sg/login?url=http://dx.doi.org/10.1108/17439130710756925
dc.sourceScopus
dc.subjectBusiness cycles
dc.subjectDiversification
dc.subjectReal estate
dc.typeArticle
dc.contributor.departmentREAL ESTATE
dc.description.doi10.1108/17439130710756925
dc.description.sourcetitleInternational Journal of Managerial Finance
dc.description.volume3
dc.description.issue3
dc.description.page287-305
dc.identifier.isiut000212439600004
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