2010•Jingji lilun yu jingji guanliRequires access

A STUDY ON THE LINKAGE BETWEEN REAL ESTATE SPATIAL MARKET AND CAPITAL MARKET IN CHINA

Yuhua Zhao

Abstract

In terms of real estate return,the paper develops a model of the linkage between real estate spatial and capital markets.The theoretical model indicates that the present stock price is positively correlated to the present real estate price and is negatively correlated to the real estate price in next period.By analyzing the rich data of 61 real estate listed companies at Shanghai and Shenzhen stock markets from 1996 through 2007,we employ system GMM estimator to test the linkage of real estate markets.The results show a strong linkage between real estate spatial and capital markets.But the linkage is asymmetric.The impact of real estate price on stock price is greater than that of stock price on real estate price.Second,the rental price has no significant influence on real estate price and stock price.Finally,the movement of real estate price is serial correlated;while the movement of stock price is random walk.

About this research paper

What this paper is about

Why it matters

A significance statement is not available in the OpenAlex record.

Key contribution

A contribution statement is not available in the OpenAlex record.

Method / approach

Method details are not available in the OpenAlex metadata.

Main findings

Findings are not separately available in the OpenAlex metadata.

Limitations

Limitations are not available in the OpenAlex metadata.

Applications

Application details are not available in the OpenAlex metadata.

Available abstract

Key concepts: Capitalization rate, Real estate, Real estate investment trust, Price on application, Cost approach, Economics, Financial economics, Linkage (software)