NDLI: Study on the Semi-Strong Form Efficiency of Housing Market: Evidence from Hong Kong

Content Provider	IEEE Xplore Digital Library
Author	Xu Jiana Huang Ang
Copyright Year	2010
Abstract	Hong Kong housing market is probably one of the most efficient markets in the world because of its transparent transaction information, relatively low trade cost and multiple brokerage shops. This paper performs the test on the semi-strong form efficiency of the Hong Kong housing market. A two-stage model is set up to examine whether the housing price could fully and instantaneously reflect the relevant information based on the long-term equilibrium model and error correction model. This paper adopts unique transaction-based data and covers a longer period from 1980 to 2004 in the Hong Kong housing market. The results show that the deviation of the housing price from its long-term equilibrium is just adjusted quarterly by about 53.8% instead of being corrected fully and instantaneously, which is inconsistent with the semi-strong form efficiency hypothesis. The Hong Kong housing market is not fully efficient.
Starting Page	1
Ending Page	4
File Size	239282
Page Count	4
File Format	PDF
ISBN	9781424453252
DOI	10.1109/ICMSS.2010.5576263
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2010-08-24
Publisher Place	China
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Correlation Economic indicators Biological system modeling Predictive models Error correction Indexes
Content Type	Text
Resource Type	Article

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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