Special Issue: NUS-HKU Symposium on Real
S. E. Ong
K. W. Chau
Published online: 13 February 2007
Springer Science + Business Media, LLC 2007
We are very pleased to bring together the third special issue for the Journal of Real
Estate Finance and Economics based on papers submitted to the 2005 NUS-HKU
Symposium on Real Estate Research (Jul 13–15, 2005). This event is the third
annual symposium since the 2003 inaugural symposium held in Singapore.
The 2005 symposium attracted more than 20 high quality papers, and the program
committee had the rather difficult task of picking 12 or 13 papers for presentation.
We had very distinguished participants including Stuart Gabriel, John Glascock, Jim
Shilling, Walt Torous, Susan Wachter, Steve Cauley, Ralf Zurbruegg, Simon
Stevenson, Danny Ben-Shahar, and Andrey Pavlov, just to name a few.
The first two papers are theoretical research that examines asset allocation and
strategic decision making. “Homeownership as a Constraint on Asset Allocation” by
Cauley, Pavlov and Schwartz examines the household asset allocation choice where
homeownership is desired and costly to adjust. By imposing homeownership as a
constraint, the authors examine optimal asset allocation decisions and differences in
post-retirement wealth and the welfare gains. This paper has interesting implications
for the impact of inter-regional differences in home prices and expected rates of
appreciation on asset allocation and post-retirement wealth.
“Optimal Timing of Real Estate Investment under an Asymmetric Duopoly” by
Chu and Sing extends the research on strategic interactions in real estate
development projects by modeling asymmetric demand functions for duopoly
developers. The theoretical paper examines the sub-game equilibrium strategies
using a real option approach, and finds that the relative strength of the firms has
significant impact on the firms’ equilibrium strategies. Preemptive strategies are
J Real Estate Finan Econ (2007) 34:281–282
S. E. Ong (*)
National University of Singapore, Singapore
K. W. Chau
The University of Hong Kong, Hong Kong