News effects and structural shifts in price discovery in Hong Kong

C1 - Refereed Journal Articl

Appraisal smoothing and price discovery in real estate markets

C1 - Refereed Journal ArticleThis paper reviews the literature on price determination in the private and public real estate markets. In particular, it discusses the processes of appraisal smoothing in the private market and of price discovery between the public and the private markets. In real estate markets, the absence of good quality information on price, whether because of lack of trades or confidentiality, has led to the widespread use of appraisals for market tracking and as the basis for performance measurement. Appraisers have to make an optimum assessment of value, based on fundamental variables and market information, including transactions and a market-wide appraisal index. However, transaction prices are a noisy signal and it is the appraiser's role to extract the signal from the noise in an efficient manner. This involves a process of optimal combination of past and current information and leads to appraisal smoothing. Price discovery is the process by which the opinions of market participants about the value of an asset are combined together into a single statistic—its market price. A development of this basic concept is where two markets have a common component of value and the relevant price information is discovered first in one market and then transmitted to the second market. The process of price discovery is considered between the public and private real estate markets

Price discovery in the Hong Kong real estate market

This paper examines price discovery for four sectors of the Hong Kong property market. The Hong Kong property market is one of the deepest and most liquid markets in the world. In addition, a substantial proportion of the real estate sector is securitized in the local share market. This makes Hong Kong one of the better places to examine price discovery. The results show that the returns to securitized real estate in Hong Kong are a mirror of broader international capital market movements. Once international capital market variables are included in the regressions, the returns to securitized real estate in Hong Kong convey little information about the appraisal-based returns to Hong Kong real estate. In addition, the results show that both capital market variables and local economic variables are significant for explaining the appraisal-based returns to Hong Kong property. The two sets of variables account for from 58% and 87% of the total variation in returns, with capital market factors contributing between 32% and 75% to the explanatory power.link_to_subscribed_fulltex

Impact of cardiopulmonary bypass on acute kidney injury following coronary artery bypass grafting: a matched pair analysis

Background Postoperative Acute Kidney Injury (AKI) after coronary artery bypass grafting (CABG) is a common complication associated with significant morbidity and mortality. Cardiopulmonary bypass (CPB) is accepted to contribute to the occurrence of AKI and is of particular importance as it can be avoided by using the off-pump technique. However the renoprotective properties of off-pump (CABG) are controversial. This analysis evaluates the impact of cardiopulmonary bypass on renal function. Methods A matched-pair analysis of 1428 patients undergoing coronary artery bypass grafting was conducted. The patients were stratified according to their preoperative renal function and to risk factors for postoperative AKI. The development of the glomerular filtration rate (GFR) from before surgery until hospital discharge was analyzed. Incidence of AKI were analyzed. Furthermore the impact of CPB duration on postoperative GFR was assessed. Results The occurrence of AKI increases the risk of thirty-day mortality (odds ratio of 4.3). The postoperative GFR decreases significantly after coronary artery bypass grafting but does not differ between onpump and offpump CABG (60.2 ± 24.5 vs 60.7 ± 24.8; p = 0.54). No difference regarding the incidence (26.6% vs 25%) and severity of AKI between cardiopulmonary bypass and the off-pump technique could be found. Duration of cardiopulmonary bypass does not correlate with the decline in postoperative glomerular filtration rate (Pearson Product Moment Correlation; p > 0.050). Conclusion Neither the mere use nor duration of cardiopulmonary bypass proofed to be a risk factor for developing postoperative AKI in CABG patients with a comparable preoperative risk profile for postoperative renal dysfunction. Furthermore, the severity of postoperative AKI is not affected by the use of cardiopulmonary bypass