Charles K. Leung

City University of Hong Kong

83 Tat Chee Avenue

Kowloon

Hong Kong

SCHOLARLY PAPERS

33

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2,558

SSRN CITATIONS
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Top 8,703

in Total Papers Citations

94

CROSSREF CITATIONS

54

Scholarly Papers (33)

1.

Does the Dipasquale-Wheaton Model Explain the House Price Dynamics in China Cities?

HKIMR Working Paper No. 21/2008
Number of pages: 40 Posted: 04 Jan 2009
Kenneth K. Chow, Matthew S. Yiu, Charles K. Leung and Dickson Tam
Hong Kong Institute for Monetary Research, Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR), City University of Hong Kong and Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR)
Downloads 520 (65,416)
Citation 6

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Housing Market Dynamics, Cross-city Difference, Panel Data Method

2.

Availability, Affordability and Volatility: The Case of Hong Kong Housing Market

Number of pages: 75 Posted: 16 Nov 2014
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and Hong Kong Shue Yan University
Downloads 403 (88,921)
Citation 13

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Land policies, housing availability, housing affordability, housing volatility, Granger causality

Speculating China Economic Growth Through Hong Kong? Evidence from the Stock Market IPO and Real Estate Markets

46th Annual AREUEA Conference Paper
Number of pages: 62 Posted: 29 Nov 2010
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and City University of Hong Kong (CityUHK)
Downloads 180 (202,450)
Citation 3

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Speculating China Economic Growth Through Hong Kong? Evidence from the Stock Market IPO and Real Estate Markets

Number of pages: 47 Posted: 19 Apr 2013 Last Revised: 21 Apr 2013
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and Hong Kong Shue Yan University
Downloads 68 (405,143)
Citation 6

Abstract:

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Animal spirits conjecture, production conjecture, underlying factor conjecture, causality, wealth effect

The Role of Sponsor and External Management on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore

Number of pages: 36 Posted: 11 Dec 2014
Dong Chen, Yanmin Gao, Mayank Kaul, Charles K. Leung and Desmond Tsang
Wuhan University - School of Economics and Management, City University of Hong Kong - College of Business, Citibank, N.A. - Risk Management, City University of Hong Kong and McGill University - Desautels Faculty of Management
Downloads 132 (262,525)

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Asian-Pacific REIT markets, capital structure, debt maturity, simultaneous equation modelling, financial crisis

The Role of Sponsor and External Management on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore

ISER Discussion Paper No. 920
Number of pages: 37 Posted: 16 Jan 2015
Dong Chen, Yanmin Gao, Mayank Kaul, Charles K. Leung and Desmond Tsang
Wuhan University - School of Economics and Management, City University of Hong Kong - College of Business, Citibank, N.A. - Risk Management, City University of Hong Kong and McGill University - Desautels Faculty of Management
Downloads 56 (447,639)

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Asian-Pacific REIT markets, capital structure, debt maturity, simultaneous equation modelling, financial crisis

5.

Tax-Driven Bunching of Housing Market Transactions: The Case of Hong Kong

Number of pages: 42 Posted: 24 Feb 2014
Charles K. Leung, Tin Cheuk Leung and Kwok Tsang
City University of Hong Kong, Wake Forest University and Virginia Polytechnic Institute & State University
Downloads 136 (255,696)
Citation 6

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bunching, change in nonlinear tax schedule, housing market, tax avoidance and tax evasion, underpricing

Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations

Globalization and Monetary Policy Institute Working Paper No. 380
Number of pages: 62 Posted: 29 Apr 2020
Charles K. Leung, Cho Yiu Joe Ng and Edward Tang
City University of Hong Kong, City University of Hong Kong and affiliation not provided to SSRN
Downloads 75 (383,558)

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wage index and household income, time series decomposition, migration, structural break, housing demand

Why Is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations

Number of pages: 61 Posted: 08 May 2020
Charles K. Leung, Cho Yiu Joe Ng and Edward Chi Ho Tang
City University of Hong Kong, City University of Hong Kong and Hong Kong Shue Yan University
Downloads 35 (543,151)

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Housing Demand, Migration, Structural Break, Time Series Decomposition, Wage Index and Household Income

Why Is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations

ISER DP No. 1081, March 2020
Number of pages: 62 Posted: 17 Apr 2020
Charles K. Leung, Cho Yiu Joe Ng and Edward Chi Ho Tang
City University of Hong Kong, City University of Hong Kong and Hong Kong Shue Yan University
Downloads 19 (649,114)
Citation 2

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Housing Demand, Migration, Structural Break, Time Series Decomposition, Wage Index and Household Income

7.

The Market Valuation of Interior Design and Developers Strategies: A Simple Theory and Some Evidence

Number of pages: 45 Posted: 22 Jan 2013
Charles K. Leung, Jun Zhang and Wai Ma
City University of Hong Kong, City University of Hong Kong and The Chinese University of Hong Kong (CUHK)
Downloads 121 (279,071)
Citation 7

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endogenous multi-collinearity, interior design, market valuation, dummy variables, interaction terms

8.

House Market in Chinese Cities: Dynamic Modeling, In-Sample Fitting and Out-of-Sample Forecasting

Number of pages: 44 Posted: 24 Aug 2010
City University of Hong Kong, Hong Kong Institute for Monetary Research, Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR) and affiliation not provided to SSRN
Downloads 118 (284,179)
Citation 8

Abstract:

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pre-sale, production constraint, collateral constraint, cross-city heterogeneity, fundamental versus policy

9.

Intrinsic Cycles of Land Price: A Simple Model

Journal of Real Estate Research, Vol. 28, No. 3, 2006
Number of pages: 28 Posted: 13 Dec 2006
Charles K. Leung and Nan‐Kuang Chen
City University of Hong Kong and National Taiwan University
Downloads 105 (308,125)
Citation 3

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equilibrium model, intertemporal elasticity, land price, price cycle

10.

Return Enhancing, Cash-Rich or Simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings

Number of pages: 50 Posted: 12 Feb 2013
Charles K. Leung
City University of Hong Kong
Downloads 87 (347,633)
Citation 1

Abstract:

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corporate real estate, empire-building, corporate governance, financial constraint

11.
Downloads 77 (373,763)
Citation 5

Macro Aspects of Housing

ISER Discussion Paper No. 1030
Number of pages: 75 Posted: 22 May 2018
Charles K. Leung and Cho Yiu Joe Ng
City University of Hong Kong and City University of Hong Kong
Downloads 50 (471,712)

Abstract:

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Stylized Facts, Macro-Housing-Finance Linkage, Global Financial Crisis, Business Cycle Frequency, Housing Market Variables

Macro Aspects of Housing

Globalization and Monetary Policy Institute Working Paper No. 340
Number of pages: 73 Posted: 15 Jun 2018 Last Revised: 29 Apr 2020
Charles K. Leung and Cho Yiu Joe Ng
City University of Hong Kong and City University of Hong Kong
Downloads 27 (591,217)
Citation 5

Abstract:

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Stylized facts, macro-housing-finance linkage, global financial crisis, business cycle frequency, housing market variables

What Account for the Differences in Rent-Price Ratio and Turnover Rate? A Search-and-Matching Approach

Number of pages: 106 Posted: 06 Feb 2017
Daisy J. Huang, Charles K. Leung and Chung-Yi Tse
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 44 (498,030)
Citation 4

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housing rental yield, turnover rate, bootstrap, leave-one-out cross validation (LOOCV), matching estimator, 3 stages least squares (3SLS)

What Account for the Differences in Rent-Price Ratio and Turnover Rate? A Search-and-Matching Approach

ISER Discussion Paper No. 990
Number of pages: 106 Posted: 03 Feb 2017
Daisy J. Huang, Charles K. Leung and Chung-Yi Tse
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 17 (664,447)
Citation 4

Abstract:

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housing rental yield, turnover rate, bootstrap, leave-one-out cross validation (LOOCV), matching estimator, 3 stages least squares (3SLS)

13.

A Special Issue on Housing, Credit Markets, and the Macroeconomy: An Introduction

Number of pages: 3 Posted: 11 Sep 2016
Charles K. Leung and Nan‐Kuang Chen
City University of Hong Kong and National Taiwan University
Downloads 52 (455,729)
Citation 6

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housing, credit and capital markets, macroeconomy, demographic, securitization

Losing Track of the Asset Markets: The Case of Housing and Stock

ISER Discussion Paper No. 932
Number of pages: 119 Posted: 21 Apr 2015
Kuang-Liang Chang, Nan‐Kuang Chen and Charles K. Leung
National Chiayi University, National Taiwan University and City University of Hong Kong
Downloads 29 (578,149)

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monetary policy, financial market variables, Uni-variate Single-regime Benchmark, Markov Regime Switching, forecasting

Losing Track of the Asset Markets: The Case of Housing and Stock

Number of pages: 118 Posted: 24 Apr 2015
Kuang-Liang Chang, Nan‐Kuang Chen and Charles K. Leung
National Chiayi University, National Taiwan University and City University of Hong Kong
Downloads 20 (641,585)
Citation 7

Abstract:

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monetary policy, financial market variables, Uni-variate Single-regime Benchmark (USB), Markov Regime Switching, forecasting

15.
Downloads 43 (492,939)
Citation 11

Flipping in the Housing Market

Number of pages: 61 Posted: 23 Jan 2017
Charles K. Leung and Chung-Yi Tse
City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 32 (559,980)
Citation 1

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Search and matching, housing market, liquidity, flippers and speculators, financing and bargaining advantage

Flipping in the Housing Market

ISER Discussion Paper No. 989
Number of pages: 64 Posted: 25 Jan 2017
Charles K. Leung and Chung-Yi Tse
City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 11 (712,940)
Citation 12

Abstract:

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search and matching, housing market, liquidity, flippers and speculators, financing and bargaining advantage

16.

Comparing Consumption-Based Asset Pricing Models: The Case of an Asian City

Number of pages: 50 Posted: 12 Dec 2014
Yum K. Kwan, Charles K. Leung and Jinyue Dong
City University of Hong Kong (CityUHK) - Department of Economics & Finance, City University of Hong Kong and City University of Hong Kong (CityUHK)
Downloads 35 (530,644)
Citation 3

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Consumption-based asset pricing model; Recursive utility; Habit formation; Consumption growth risk; Composition risk; Labor income risk; Long-run risk; Collateral constraint; Hansen-Jagannathan distance; Model confidence sets.

17.

Commodity House Prices

Number of pages: 89 Posted: 04 Sep 2013
Charles K. Leung, Song Shi and Edward Chi Ho Tang
City University of Hong Kong, Massey University - School of Economics and Finance and Hong Kong Shue Yan University
Downloads 35 (530,644)
Citation 2

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regional economies, energy versus non-energy commodity price, propagation mechanism, geographically hierarchical model, dynamic analysis

Do Bank Loans and Local Amenities Explain Chinese Urban House Prices?

Number of pages: 75 Posted: 05 Mar 2015
Daisy J. Huang, Charles K. Leung and Baozhi Qu
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and China Merchants Group
Downloads 21 (634,104)
Citation 2

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city-level house price dynamics; endogenous income and endogenous amenities; bank loans and monetary policy; multicollinearity; clustered standard errors

Do Bank Loans and Local Amenities Explain Chinese Urban House Prices?

Globalization and Monetary Policy Institute Working Paper No. 230
Number of pages: 70 Posted: 17 Aug 2015
Daisy J. Huang, Charles K. Leung and Baozhi Qu
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and China Merchants Group
Downloads 12 (704,674)

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19.

Public Housing Units vs. Housing Vouchers: Accessibility, Local Public Goods, and Welfare

Number of pages: 39 Posted: 05 Sep 2012
Charles K. Leung, Sinan Sarpca and Kuzey Yilmaz
City University of Hong Kong, Koc University - Department of Economics and University of Rochester - Department of Economics
Downloads 24 (594,110)
Citation 6

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housing policy, welfare, residential location choice, local public goods, endogenous sorting

How Did the Asset Markets Change after the Global Financial Crisis?

Number of pages: 59 Posted: 13 Apr 2021
Charles K. Leung and Kuang-Liang Chang
City University of Hong Kong and National Chiayi University
Downloads 15 (680,179)

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economic index of riskiness, economic performance index, real estate markets, stock markets separated

How Did the Asset Markets Change after the Global Financial Crisis?

ISER DP No. 1124
Number of pages: 59 Posted: 24 Mar 2021
Kuang-Liang Chang and Charles K. Leung
National Chiayi University and City University of Hong Kong
Downloads 8 (737,714)

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Economic index of riskiness, Risk-adjusted-performance index, Real estate markets, Stock markets

The Deep Historical Roots of Macroeconomic Volatility

Globalization and Monetary Policy Institute Working Paper No. 271
Number of pages: 46 Posted: 20 Apr 2016
Sam Hak Kan Tang and Charles K. Leung
University of Western Australia and City University of Hong Kong
Downloads 8 (737,714)

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The Deep Historical Roots of Macroeconomic Volatility

Economic Record, Vol. 92, Issue 299, pp. 568-589, 2016
Number of pages: 22 Posted: 05 Dec 2016
Sam Hak Kan Tang and Charles K. Leung
University of Western Australia and City University of Hong Kong
Downloads 1 (805,232)
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22.

Do Elite Colleges Matter? The Impact on Entrepreneurship Decisions and Career Dynamics

ISER DP No. 1126
Number of pages: 70 Posted: 29 Mar 2021
Naijia Guo and Charles K. Leung
The Chinese University of Hong Kong (CUHK) and City University of Hong Kong
Downloads 15 (752,127)

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[comentrepreneurship, elite college, intergenerational transferma separated]

23.

Do Bank Loans and Local Amenities Explain Chinese Urban House Prices

ISER Discussion Paper No. 928
Number of pages: 70 Posted: 12 Mar 2015
Daisy J. Huang, Charles K. Leung and Baozhi Qu
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and China Merchants Group
Downloads 12 (678,417)
Citation 3

Abstract:

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endogenous income and endogenous amenities; bank loans and monetary policy; multicollinearity; clustered standard errors

24.

Financial Conditions, Local Competition, and Local Market Leaders: The Case of Real Estate Developers

ISER DP No.1130
Number of pages: 69 Posted: 19 Apr 2021
Ying Fan, Charles K. Leung and Zan Yang
Hong Kong Polytechnic University, City University of Hong Kong and Tsinghua University
Downloads 11 (685,965)

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Corporate Financial Status, Output Market Decision, Internal and External Driven, Real Estate Developers, Housing Supply

25.

The Dynamics of the House Price-to-Income Ratio: Theory and Evidencer Title]

Number of pages: 45 Posted: 12 Apr 2021
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and Hong Kong Shue Yan University
Downloads 7 (716,497)

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housing affordability, output dynamics, endogenous house price, wage rigidity, monetary policy rule.

26.

The Dynamics of the House Price-to-Income Ratio: Theory and Evidence

ISER DP No. 1125
Number of pages: 74 Posted: 26 Mar 2021
Charles K. Leung and Edward Chi Ho Tang
City University of Hong Kong and Hong Kong Shue Yan University
Downloads 6 (724,427)

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housing affordability, output dynamics, endogenous house price, wage rigidity, monetary policy rule.

27.

Flipping the Housing Market

Globalization and Monetary Policy Institute Working Paper No. 301
Number of pages: 61 Posted: 27 Jan 2017
Charles K. Leung and Chung-Yi Tse
City University of Hong Kong and The University of Hong Kong - School of Economics and Finance
Downloads 6 (724,427)

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28.

Stock Price Volatility, Negative Autocorrelation and the Consumption–Wealth Ratio: The Case of Constant Fundamentals

Pacific Economic Review, Vol. 15, Issue 2, pp. 224-245, May 2010
Number of pages: 22 Posted: 21 Apr 2010
Charles K. Leung and Nan‐Kuang Chen
City University of Hong Kong and National Taiwan University
Downloads 3 (748,287)
Citation 1
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29.

Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis

Real Estate Economics, Vol. 40, Issue 1, pp. 167-195, 2012
Posted: 21 Feb 2012
Yi Jin, Charles K. Leung and Zhixiong Zeng
Monash University, City University of Hong Kong and Monash University
Downloads 2 (758,034)
Citation 4
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30.

What Accounts for the Differences in Rent-Price Ratio and Turnover Rate? A Search-and-Matching Approach

Journal of Real Estate Finance and Economics, Vol. 57, No. 3, 2018
Posted: 12 Oct 2018
Daisy J. Huang, Charles K. Leung and Chung-Yi Tse
Southwestern University of Finance and Economics (SWUFE), City University of Hong Kong and The University of Hong Kong - School of Economics and Finance

Abstract:

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Housing Rental Yield; Turnover Rate; Bootstrap; Leave-One-Out Cross-Validation; Matching Estimator; 3-Stage Least Squares

31.

Error Correction Dynamics of House Prices: An Equilibrium Benchmark

Posted: 05 May 2014
Charles K. Leung
City University of Hong Kong

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fundamental house price, error-correction model, cointegration, house price-to-income ratio, endogenous house price and income

32.

Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis

Real Estate Economics, Forthcoming
Posted: 17 Nov 2010
Yi Jan, Charles K. Leung and Zhixiong Zeng
Monash University, City University of Hong Kong and Monash University

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External Finance Premium, Residential and Corporate Real Estate, Capital Market Imperfections, Equilibrium Default, Real Estate Price Volatility

33.

Asset Price Spillover, Collateral and Crises: With an Application to Property Market Policy

Journal of Real Estate Finance and Economics, Vol. 37, No. 4, 2008
Posted: 22 Aug 2008
Nan‐Kuang Chen and Charles K. Leung
National Taiwan University and City University of Hong Kong

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asset prices, crisis, property market policy, real estate markets, spillover