The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique charact...The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique characteristics, which include fixed location, heterogeneity and low transaction frequency. Using housing and office market data of some major cities in China, this paper examines the return and risk characteristics in these markets and assesses market efficiency. It finds that a number of instruments, including lagged quarterly and annual excess returns and, to some extent, the measure of the deviation of price from the intrinsic value, predict future returns. Therefore, weak form and semi-strong form efficiency can both be rejected in these real estate markets. These empirical findings suggest that there is slow price adjustment in real estate markets in China, which may be attributed to inefficient information transmission systems and long searching time in the markets.展开更多
As an important component of the multi-level capital market, the growth enterprise market plays an important role in improving China＇s capital market. The GEM listed companies in information technology industry as an...As an important component of the multi-level capital market, the growth enterprise market plays an important role in improving China＇s capital market. The GEM listed companies in information technology industry as an example, from the four aspects of the profit quality of listed companies, asset quality, growth quality, solvency, calculation of 83 listed companies of the weighted rate of return on net assets, net operating rate of 12 financial indicators, and through the SPSS21.0 analysis results of factor analysis, comprehensive evaluation the formation of the information technology industry, the financial quality of the gem, to provide a scientific basis for the decision to GEM listed companies healthy development.展开更多
文摘The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique characteristics, which include fixed location, heterogeneity and low transaction frequency. Using housing and office market data of some major cities in China, this paper examines the return and risk characteristics in these markets and assesses market efficiency. It finds that a number of instruments, including lagged quarterly and annual excess returns and, to some extent, the measure of the deviation of price from the intrinsic value, predict future returns. Therefore, weak form and semi-strong form efficiency can both be rejected in these real estate markets. These empirical findings suggest that there is slow price adjustment in real estate markets in China, which may be attributed to inefficient information transmission systems and long searching time in the markets.
文摘As an important component of the multi-level capital market, the growth enterprise market plays an important role in improving China＇s capital market. The GEM listed companies in information technology industry as an example, from the four aspects of the profit quality of listed companies, asset quality, growth quality, solvency, calculation of 83 listed companies of the weighted rate of return on net assets, net operating rate of 12 financial indicators, and through the SPSS21.0 analysis results of factor analysis, comprehensive evaluation the formation of the information technology industry, the financial quality of the gem, to provide a scientific basis for the decision to GEM listed companies healthy development.
