The Performance and Inflation-hedging Characteristics of Hotel Investment in Hong Kong eBook

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This dissertation, "The Operation and Boom-hedging Singularities of Hotel Investing in Hong Kong" by 吳美玲, Mei-ling, Ng, was obtained from The Academy of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Canteens: Attribution 3. 0 Hong Kong Warrant. The content of this dissertation has not been altered in any file. We have altered the formatting in goods to facilitate the ease of issuance and review of the dissertation. All rights not granted by the above warrant are retained by the author. Hypothetical:Hypothetical of the memoir entitled The Operation and Boom-Hedging Singularities of Hotel Investing in Hong Kong Submitted by Ng Mei Ling for the degree of Doctor of Philosophy at the Academy of Hong Kong in File 2003 Hotels are cash-producing, investing properties that are rarely traded on the market. With the limited action data available in the hotel district, inspectors generally find it difficult to produce a reliable hotel asset price docket, which is essential for assessing the operation of direct hotel investing. The most common assessment facilities used by inspectors for hotel assessment is the cash capitalization approach. Recently, there have been various assessment-based hotel asset price indicators available in the U. S. However, the time series of these indicators are too short to reveal the operation of hotel investments. The reliability of these indicators is also questionable due to the absence of hotel action data. Neither is this type of docket available in Hong Kong. One of the intentions of this dissertation is to construct a hotel asset price docket which is reliable and sufficiently long for the assessment of the operation of hotel investments in Hong Kong. Previous subjects suggest that there are linkages between direct and indirect property investing. This provides the basis for the method of hotel asset price docket plan adopted in this study. This method involves extracting data from indirect hotel investing and other publicly available financial data to construct a hotel asset price docket. In very simple terms, the hotel asset price is constructed by stripping off the stock exchange effect from the de-geared indirect hotel investing restores. The reliability of this docket is tested by examining whether it reflects transforms in hotel market foundations. The results of this study suggest that the hotel market demand and feed variables are found to have a significant impact on the Hotel Asset Price Docket, which provides confirm for the reliability of the docket in reflecting the operation of hotel investments. Search based on the Hotel Asset Price Docket constructed in this study suggests that during the period of mind (1980-2000), direct hotel investing had the lowest average pay, but a relatively high unpredictability amongst all property types. The risk-adjusted pay is the lowest among direct property and stock. However, restores on direct hotel investing picture very little correlation with other property restores and restores on the stock exchange. This means that there is a potential diversification perk by including direct hotel investing in the case. Hotels are often considered an effective boom-hedging investing among all property assets as room rates can be adjusted on a daily basis. Since hotel leases are very short (typically a few days) compared with other property types, a hotel investing is considered to be especially good for hedging against unexpected boom. On the other hand, hotel assets are illiquid, which makes it difficult for hotel asset prices to respond to transforms in boom hopes. Fama and Schwert's schema is employed, together with co-integration assesses and error castigation models, to investigate the deftness of direct hotel investing, as well as other property investments, to hedge against expected and unexpected boom in both short and long.

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The Performance and Inflation-hedging Characteristics of Hotel Investment in Hong Kong eBook grátis em PDF

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  • Editor: Open Dissertation Press
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  • Tampa: (Inglês)
  • Língua: Inglês
  • ISBN-10: 1374719005
  • ISBN-13: 978-1374719002
  • Dimensões: 21,6 x 1,2 x 28 cm
  • Peso: 526 g
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  • Preço: R$ 138,26

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