Suchergebnisse

The hedonic-based regression approach has been utilised extensively to investigate th relationship between house prices and housing characteristics. However, this approach is subject t criticisms arising from potential problems relating to fundamental model assumptions an estimation such as the identification of supply and demand, market disequilibrium, the selectio of independent variables, the choice of functional form of hedonic equation and marke segmentation. This study introduces and utilises an alternative approach-the decision tre approach, which is an important statistical pattern recognition tool. Using the Singapore resal public housing market as a case study, the article demonstrates the usefulness of this techniqu in examining the relationship between house prices and housing characteristics, identifying th significant determinants of housing prices and predicting housing prices. The built tree show that homebuyers are more concerned about the basic housing characteristics of two- and three room flats or four-room flats such as floor area, model type and flat age. However, homebuyer of five-room flats pay more attention to floor level in addition to the basic housin characteristics. In addition, homebuyers of executive apartments are less concerned about basi quantitative characteristics and have higher housing consumption expectations and pay mor attention to 'quality' and service characteristics such as recreational facilities and the livin environment.

Asset‐backed securitization (ABS) is an interesting financial innovation whereby debt instruments backed by cash flows generated from income‐producing assets are issued for investment purposes in the capital markets. This study examines the characteristics of ABS transactions in Singapore and evaluates whether proper governance mechanisms have been developed to protect ABS investors. We examined the unique features of the Visor case, such as rental guarantee, large block ownerships of junior bonds, credit enhancement, embedded options, managerial relationships between the SPV and servicers, and critically evaluated the effects of these characteristics on the governance of ABS. Rules on separation of banks' participation in ABS and the accountant's requirement of "clean sale" that affect the ABS structure were also discussed. We also develop a simple information asymmetric model to evaluate the pecking order choice of two different financing methods: collateralized loans and ABS.