Relationship Between Stock And House Return in Taiwan:Research By Regions.
Date Issued
2014
Date
2014
Author(s)
Lin, Tzu-Yuan
Abstract
This study is mainly based on Chen (2001a) which discusses the relationship between the stock and real estate market return
in Taiwan between 1973-1992.
As the real estate market and the stock market return are closely related to the overall economic environment, we extend Chen''s study
to include the examination of the change of the relationship between real estate and stock market returns in the past 10 years in Taiwan.
Referencing to Green (2002) and Kapopoulos P. (2005) , we also consider all major regions of Taiwan,
including Taipei City, New Taipei City, Hsinchu City, Taichung City and Kaohsiung City.
In addition, we added the Taiwan Gre Tai Securities Market Capitalization Weighted Stock Index (GTEX)
to examine the relationship between real estate market return and the stock price of growth firms.
This study analyzes the relationship between the stock and
real estate market return in Taiwan by the viewpoints of people and enterprises.
We find out that the relationship between the stock market and Taipei real estate market will change over time.
In the past 10 years, the real estate market return of all major regions in Taiwan excluded Taipei City are lagged behind both the stock market return
and the GTEX return.
Finally, this paper shows no evidence to illustrate the relationship between the stock market and the real estate market by demographics.
Subjects
股票市場
不動產市場
台灣櫃買市場
人口特性
向量自我回歸模型
因果關係
Type
thesis
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