住房投资市场弱有效性实证分析

到增值。Р主要参考文献:Р1.尹恕好:《神经网络实证方法对我国资本市场有效性及非线性的检验[C]》,深圳证券交易所第六届会员单位、基金公司研究成果评选, 2004年。Р2.尹中立:《空置率下降并不能说明房地产市场没有泡沫[J]》,《中国房地产金融》,2005年第2期。Р3.Jim Clayton. “Further Evidence on Real Estate Market Efficiency.” Journal of Real Estate Research, 1998, 12Р4.James Brox, Emanual Carvalho, Matthew Duckett. “Testing Weak-form Efficiency in Greater Toronto Area Residential Real Estate.” Journal of Real Estate Research, Volume 10, Issue 2, 2000Р5.Poterba, J. M., House Price Dynamics. “The Role of Tax Policy and Demography”, BrookingsРPapers on Economic Activity, 1991, 2Р6.Clayton, J. “ Are Housing Price Cycles Driven by Irrational Expectations?” Journal of Real Estate Finance and Economics, 1997, 14Р①本文进行的是对住房投资市场弱式有效检验,即只考虑历史交易信息对超额收益率的影响。Р②租金水平已含有维修费,因而公式中未再计算维修费率Р①统计数据来源于武房指数发布网站-亿房网和2001-2003年《中国房地产年鉴》