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PROFESSOR LIOW KIM HIANG
PROFESSOR OF REAL ESTATE
National University of Singapore
4 Architecture Drive, Singapore 117566

 
  Appointment: PROFESSOR
  Office: SDE-04-18
  Email: rstlkh@nus.edu.sg
  Tel: 65163420
  Fax: 67748684
  Homepage: http://profile.nus.edu.sg/sde/rstlkh/
  Curriculum Vitae (CV):
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Prof Liow Kim Hiang is Professor of Real Estate at the Department of Real Estate, in the School of Design and Environment, National University of Singapore.  He received his PhD from the Manchester Business School, The Victoria University of Manchester in the United Kingdom in 1994. He teaches Real Estate Finance and Corporate Investment in Real Estate. He received the School Teaching Excellence Award for academic years 2002/2003 and 2010/2011,  awards given by the School of Design and Environment, NUS, in recognition of his excellence and dedication in teaching.

Professor Liow’s research focuses on topics of economic globalization and international financial market integration, real estate finance and capital market, global real estate companies and real estate investment trusts, risk analysis and management, financial economics of commercial real estate and corporate real estate strategic management. Professor Liow was identified as top authors in the UK Journals from Asia, as well as been ranked top Asia-Pacific and 12th global researcher in the three core real estate journals (Journal of Real Estate Finance and Economics, Real Estate Economics and Journal of Real Estate Research) over the period 2001-2006.  To-date, he has won several  international research awards. His scholarly research has been published in Journal of Real Estate Finance and Economics, Real Estate Economics, Journal of Housing Economics, Asia-Pacific Journal of Financial Studies, Economic Modelling, North American Journal of Economics and Finance, Journal of Property Research, Journal of Real Estate Research, Journal of Property Investment and Finance, Journal of Real Estate Portfolio Management, Journal of Corporate Real Estate, and others. 

Professor Liow has been a Deputy Editor of Journal of the Property Research (UK) since January 2006. Currently, he is also an Associate Editor of Journal of Real Estate Literature (International Section) and International Real Estate Review (AsRES), as well as in several  other international editorial advisory boards and was guest editors for four special issues. Presently, he serves on the Board of Directors of Global Chinese Real Estate Congress (GCREC) and Asian Real Estate Society (AsRES).

Professor Liow currently serves on the Senate Panel for student discipline. He is a member of the Faculty Promotion and Tenure Comittee, Director, Graduate Research (DRE) and core leader (Real Estate Finance, DRE). He has also held other departmental managerment and administrative leadership positions such as Deputy Head (Administration and Finance), Deputy Head (Academic), Graduate Program Directors, Chairperson of executive development and short courses, and Co-chair, BU/RE 40th anniversary celebrations.

 

Academic positions

Professor, Department of Real Estate, National University of Singapore (January 2012 - current)

Visiting Professor, Shanghai University of Finance and Economics (SUFE), China, 15-22 September 2012

Associate Professor, Department of Real Estate, National University of Singapore, January 2001 – December 2011

Visiting Research Professor, Bond University, Australia, 10 – 16 October 2010

Visiting Professor, Essec Business School, France, 16-28 June 2006

Visiting Teaching Staff, Faculty of Built Environment, University of New South Wales, Australia, 13 – 18 October 2003

Senior Lecturer, Department of Real Estate/ School of Building and Real Estate, NUS (January 1997 – December 2000)

Lecturer, School of Building and Real Estate, NUS (February 1994 – December 1996)

Doctoral student, Manchester Business School, UK (October 1991 – January 1994)

Senior Tutor, School of Building and Estate, NUS (June 1990 – January 1994)

 

 

 

 

 

 

 

 

 

 

 


 

Financial economics of commercial real estate
Real estate finance and capital market
Real estate companies and real estate investment trusts
Economic globalization and financial market integration
Portfolio management and corporate real estate
Wavelets in economics and finance

 

 


 

PhD, Manchester Business School, The Victoria University of Manchester, UK (March 1994)
Advanced Diploma in Business Administration (Adv Dip BA), ABE, UK (December 1990)
M.Sc (Property and Maintenance Management), NUS (August 1990)
Graduate Diploma in Accounting and Finance (C Dip AF), ACCA, UK (October 1987)
B.Sc (Estate Management) (Hons), NUS (April 1985)

 


 

International papers

*Liow, K.H., Liao, W-C and Huang, Y. (2017) “Dynamics of international spillovers and interaction: evidence from financial market stress and economic policy uncertainty” Economic Modelling, (forthcoming).

*Liow, K.H. and Ye, Q. (2017) “Regime dependent volatilities and correlation in international securitized real estate markets” Empirica DOI 10.1007/s10663-017-9368-4

* Liow, K.H. and Ye, Q. (2017), "Switching regime beta analysis of global finnacial crsis: evidence from international public real estate markets" Journal of Real Estate Research, 39(1), 127-164 

* Liow, K.H. and Schindler, F. (2017),  "Linkakge between office markets in Europe: a volatility spillover perspecxtive" Journal of Property Investment and Finance, 35(1), 3-25

*Liow, K.H. and Newell, G. (2016), "Real estate global beta and spillovers: an international study" Economic Modelling 59, 297-313.

* Liow, K.H (2016). , "Linkage between cross-coiuntry business cycles, cross-country stock market cycles and cross-country real estate market cycles" Journal of European Real Estate Research, 9(2), 123-146

* Liow, K.H. (2016), "Global financial crisis and cyclical co-movements of Asian finnacial markets" Journal of Property Investment and Finance, 34(5), 465-495

* Liow, K.H (2015). "Volatility spillover dynamics and relationship across G7 financial markets" North American Journal of Economics and Finance 33(3), 328-365

* Liow, K.H. (2015), "Conditional volatility spillover effects across emerging financial markets" Asia-Pacifc Journal of Financial Studies 44(2), 215-245

* Liow, K.H. (2015), "Risk-return convergence in international public property markets" Journal of Property Research 32(1), 1-32

• Liow, K.H., Zhou, X. and Ye, Q (2015). "Correlation dynamics and determinants in international securitized real estate markets" Real Estate Econoimics 43(3), 537-585.

• Liow, K.H. and Ye, Q. (2014), "Switching volatility and cross-market linkages in public property markets" Journal of Property Research 31(4), 218-314

• Liow, K.H. (2014), "The dynamics of return co-movements and volatility spillover effects in Greater China property markets and intertnational linkages" Journal of Property Investment and Finance 32(6), 618-634

• Liow, K.H. and Ye, Q. (2014), "Dynamic relationships between economic globalization and cross-public property market correlations" Pacific Rim Property Reseaarch Journal 20(2), 93-118

• Liow, K.H. and Schindler, F. (2014), "An assessment of the relationships beween public real estate markets and stock markets at the local, regional and global levels" International Real Estate Review 17(2): 157-202

• Liow, K.H. (2014), "Are corporate properties undervalued? " Journal of Real Estate 1, 40-57 (Chinese) 

• Liow, K.H. (2014), "Securitized real estate market integration in Greater China and international linkages" Journal of Real Estate 2, 19-41 (Chinese)

• Liow, K.H.(2013), “Volatility interdependence in European securitized real estate markets: who is the most influential?" Journal of European Real Estate Research 6(2): 117-138

• Liow, K.H. and Chen, W. (2013), "Is there volatility convergence in Asia-Pacific securitized real estate markets?" Journal of Real Estate Finance and Economics 47(2): 147-165

• Addae-dapaah, K., Ho, D., Webb, J. and Liow K.H. (2013),"Value versus growth international real estate investment" Real Estate Economics 41(1): 65-101

• Liow, K.H. and Newell, G. (2012)  “Investment dynamics of the Greater China real estate securities markets:” Journal of Real Estate Research 34(3): 399-428

• Liow, K.H. (2012) “Co-movements and correlations across Asian Securitized Real Estate and Stock Markets”, Real Estate Economics 40(1): 97-129

• Liow, K.H. (2011), “Time series behavior of average dynamic conditional correlations in European real estate securities markets: an empirical exploration" Journal of European Real Estate Research 4(2), 93-113

• Liow, K.H., Chen, Z. and Liu, J.(2011) “Multiple Regimes and Volatility Transmission in Securitized Real Estate Markets”, Journal of Real Estate Finance and Economics 42(3): 295-328 

• Liow, K.H.(2010), “Integration between securitized real estate and stock markets – a global perspective”, Journal of Real Estate Portfolio Management 16(3): 249-265

• Liow, K.H.(2010), “Integration among USA, UK, Japanese and Australian Securitized Real estate Markets: An Empirical Exploration” Journal of Property Research 27(4):289-308

• Liow, K.H.(2010), “Firm Value, Growth, Profitability and Capital Structure of Listed Real Estate Companies: An International Perspective”, Journal of Property Research 27(2), 119-146

• Liow, K.H. and K. Addae-Dapaah (2010) “Idiosyncratic risk, market risk and correlation dynamic s in the US Real Estate Investment Trusts”, Journal of Housing Economics 19(3), 205-218

• Liow, K.H. and M.F. Ibrahim (2010), “Volatility Decomposition and Correlation in International Securitized Real Estate Markets”, Journal of Real Estate Finance and Economics 40(2): 221-243

 • Liow, K.H. and Adair, A. (2009), “Do Asian Real Estate Companies Add Value to Investment Portfolio?” Journal of Property Investment and Finance 27(1):42-64

• Liow, K.H (2010), “ Is real estate an important factor in corporate valuation: evidence from listed retail firms”, Journal of Corporate Real Estate 12(4), 249-278

• Liow, K.H.(2010), “International direct real estate market linkages: evidence from time-varying correlation and co-integration tests”, Journal of Real Estate Literature 18(2):283-312

• Newell, G., Chau, K.W., Wong, S.K. and Liow, K.H. (2009), “The Significance and Performance of Property Securities Markets in the Asian IFCs”, Journal of Property Research 26(2):125-148

• Liow, K.H. (2009), “Long-term Memory in Volatility: Some Evidence from International Securitized Real Estate Markets”, Journal of Real Estate Finance and Economics 39(4): 415-438

• Liow, K.H., K.H.D. Ho, M.F. Ibrahim and Z. Chen (2009), “Correlation and Volatility Dynamics in International Real Estate Securities Markets”, Journal of Real Estate Finance and Economics 39(2): 202-223

• Yu, S.M. and Liow, K.H. (2009), “Do Retail Firms Benefit from Real Estate Ownership” Journal of Property Research 26(1): 25-60

• Addae-Dapaah, K., Liow, K.H. and Neo, T.S.S (2009), “Sustainability of sustainable real property development”, The Journal of Sustainable Real Estate 1(1): 203-226

• Liow, K.H. and J.R. Webb (2009), “Common Factors in International Securitized Real Estate Markets”, Review of Financial Economics 18(2): 80-89

• Liow, K.H. and Webb, J.R. (2008), “Nonlinear Return Dependence in Major Real Estate Markets”, Journal of Property Research 25(4): 285-319

• Liow, K.H. (2008), “Financial Crisis and Asian Real Estate Securities Market Interdependence: Some Additional Evidence”, Journal of Property Research 25(2): 127-155

• Liow, K.H. (2008), “Extreme Returns and Value at Risk in International Securitized Real Estate Markets”, Journal of Property Investment and Finance 26(5): 418-446

• Liow, K.H. and Nappi-Choulet Ingrid (2008), “A Combined Perspective of Corporate Real Estate”, Journal of Corporate Real Estate 10(1): 54-67

• Liow, K.H. (2007), “The Dynamics of Return Volatility and Systematic Risk in International Real Estate Security Markets”, Journal of Property Research 24(1): 1 – 29

• Liow, K.H. and H. Zhu (2007), “Regime Switching and Asset Allocation: Evidence from International Real Estate Security Markets”, Journal of Property Investment and Finance 25(3): 274-288

• Liow, K.H. (2007), “Cycles and Common Cycles in Real Estate Markets”, International Journal of Managerial Finance 3(3): 287 - 305

• Liow, K.H. and Y. Li (2006), “Net Asset Value Discounts for Asian-Pacific Real Estate Companies: Long-run Relationships and Short-term Dynamics” Journal of Real Estate Finance and Economics 33(4): 363-388

• Liow, K.H., M.F. Ibrahim and Q. Huang (2006), “Macroeconomic Risk Influences on the Property Stock Market” Journal of Property Investment and Finance 24 (4/5): 295-323

• Liow, K.H. and Q. Huang (2006), “Interest Rate Risk and Time-varying Excess Returns for Asian Property Stocks” Journal of Property Investment and Finance 24 (3): 188-210

• Liow, K.H. and M.C. Sim (2006), “The Risk and Return Profile of Asian Real Estate Stocks”, Pacific Rim Property Research Journal 12(3): 283-310

• Tay, L. and K.H Liow (2006), “Corporate Real Estate Management in Singapore: A Business Management Perspective”, International Journal of Strategic Property Management 10(2): 93-111

• Liow, K.H (2006), “Dynamic Relationship between Stock and Property Markets” Applied Financial Economics 16, 371-376

• Liow, K.H. and Lanz C.W.J. Chan (2005), “Co-skewness and Co-kurtosis in Global Real Estate Securities” Journal of Property Research 22 (2-3), 163-203

• Liow K.H. and H. Yang (2005), “Long-Term Co-Memories and Short-Run Adjustment: Securitized Real Estate and Stock Markets” Journal of Real Estate Finance and Economics 31(3): 283-300

• Liow K.H., JTL Ooi and Y. Gong (2005), “Cross-Market Dynamics in Property Stock Markets” Journal of Property Investment and Finance 23(1), 56-75

• Liow K.H., H. Zhu, David H.K. Ho and K. Addae-Dapaah (2005), “Regime Changes in International Property Markets” Journal of Real Estate Portfolio Management 11(2), 147-165

• Newell, G., KH Liow, JTL Ooi and H Zhu (2005), “The Impact of Information Transparency and Market Capitalization on Out-Performance in Asian Property Companies” Pacific-Rim Property Research Journal 11(4), 393-411

• Zhu, H. and K.H. Liow (2005), “Relationship between Shanghai and Hong Kong Property Stock Markets” Pacific Rim Property Research Journal 11(1), 24-44

• Ooi, JTL and K.H. Liow (2004), “Risk-Adjusted Performance of Real Estate Stocks: Evidence from Developing Markets” Journal of Real Estate Research 26(4), 371-395

• Liow K.H (2004), “Corporate Real Estate and Stock Market Performance” Journal of Real Estate Finance and Economics 29(1), 119-140

• Liow K.H. (2004), “Time-Varying Macroeconomic Risk and Commercial Real Estate: An Asset Pricing Perspective” Journal of Real Estate Portfolio Management 10(1), 47-57

• Liow K.H. and JTL Ooi (2004), “Does Corporate Real Estate Create Wealth for Shareholders?” Journal of Property Investment and Finance 22(5), 386-400

• Liow, K.H (2003), “Property Company Stock Price and Net Asset Value: A Mean Reversion Perspective” Journal of Real Estate Finance and Economics 27(2), 235-255.

• Liow K.H., JTL Ooi and L.K. Wang (2003), “Interest Rate Sensitivity and Risk Premium of Property Stocks” Journal of Property Research 20(2), 117-132.

• Ooi, JTL, K.H. Liow and L. Tay (2003), “The Wealth Effects of Securitizing Commercial Real Estate: A Case on Raffles Holdings” Pacific Rim Property Research Journal 9(1), pp. 13-27

• Ooi, JTL and K.H. Liow (2002), “Real Estate Corporations: The Quest for Value”, Journal of Property Investment and Finance 20(1), pp. 20-35

• Sing, T.F., K.H. Liow and W.J. Chan (2002),”Mean Reversion of Singapore Property Stock Prices towards their fundamental values” Journal of Property Investment and Finance 20(4), pp. 374-387

• Liow, K.H. (2002), “Corporate Real Estate in Financial Statements: The Accounting Perspective”, Journal of Financial Management of Property and Construction 7(2), pp. 91-96

• Liow, K.H. (2002), “The Performance and Development of the Singapore Commercial Property Market”, Australian Property Journal 37(2), pp. 122-125

• Brown, G.R and K.H. Liow (2001), “Cyclical Relationship between Commercial Real Estate and Property Stock Prices”, Journal of Property Research 18(4), pp. 1-12.

• Liow, K.H. (2001), “The Long-Term Investment Performance of Singapore Real Estate and Property Stocks”, Journal of Property Investment and Finance 19(2), pp. 156-174

• Liow, K.H (2001), “Abnormal Return Performance of Singapore Property Companies”, Pacific Rim Property Research Journal 7(2), pp. 104-112

• Liow K.H., JTL, Ooi, MS, Ebrahim and GR, Brown (2001), “Performance Measurement in Corporate Real Estate: Issues, Evidence and Research Agenda”, Journal of Financial Management of Property and Construction 6(2), pp.71-79

• Liow, K.H. (2001), “Corporate Real Estate in the Singapore Stock Market”, Pacific Rim Property Research 7(4), pp. 271-284

• Liow, K.H. (2001), “Real Estate and Corporate Valuation: An Asset Pricing Perspective”, Managerial and Decision Economics 22 (Special edition on Real Estate Economics and Finance), pp. 355-368

• Liow, K.H. (2000), "The Dynamics of the Singapore Commercial Property Market" Journal of Property Research (Special Issue on Asia and Pacific-Rim Property) 17(4), pp. 279-291

• Liow, K.H. (2000), “Corporate Financial Reporting of Singapore Property Companies: Issues and Evidence”, Journal of Financial Management of Property and Construction 5(3), pp. 79-84

• Liow, K.H. and Ooi, J.T.L. (2000), "Current Issues in Strategic Corporate Real Estate Analysis and Management" Journal of Corporate Real Estate 2(3), pp. 240-249

• Liow, K.H. and Ooi, J.T.L. (2000), "Is there a Long-term Equilibrium Relationship in the Singapore Real Estate Markets?" Real Estate Times 2(2), pp. 17-22

• Liow, K.H. (1999), "Corporate Investment and Ownership in Real Estate in Singapore - Some Empirical Evidence", Journal of Corporate Real Estate 1(4), pp. 329-342

• Liow, K.H. (1999), "Corporate Real Estate in Financial Statements - Evidence From Singapore Hotel Corporations", Journal of Financial Management of Property and Construction 8(1), pp. 1-16

• Liow, K.H. (1999), "Relationship between Singapore Property Stock and Real Estate Returns", Journal of Real Estate and Construction 8, pp. 1-16

• Liow, K.H. (1998), "An Empirical Investigation of Corporate Growth of Property Companies", Journal of Financial Management of Property and Construction 3(3), pp. 5-16

• Liow, K.H. (1998), "Singapore Commercial Real Estate and Property Equity Markets: Close Relations?" Real Estate Finance 15(1), pp. 63-71

• Liow, K.H. (1997), "An Empirical Investigation of UK Retail Companies' Property Asset Strategies" Journal of Property Finance 8(1), pp. 24-34

• Liow, K.H. (1997), "The Historical Performance of Singapore Property Stocks", Journal of Property Finance 8(2), pp. 111-125

• Liow, K.H. (1997), "The Pricing of Corporate Real Estate in the Stock Market" Journal of Real Estate and Construction 7, pp.1-8

• Liow, K.H. (1996), "Property Companies' Share Price Discounts and Property Market Returns - The Singapore Evidence" Journal of Property Finance 7(4), pp. 64-77 (Special Issue on Pacific Rim Property)

• Liow, K.H. (1995), "The Wealth Effect of Property Asset Revaluations: Some UK Evidence" Journal of Real Estate and Construction 5, pp. 47-72

• Liow, K.H. (1995), "Property in Corporate Financial Statements: The UK Evidence" Journal of Property Research 12(1), pp. 13-28

• Liow, K.H. (1995), "Acquisition and Disposal of Corporate Real Estate: Some UK Evidence" Journal of Property Finance 6(4), pp. 19-32

 

Local papers
 

Liow, KH (2005), “Corporate Real Estate: Perspectives and Issues”, CRESTimes 5(2): 8-10.

Liow KH, H. Zhu, David H.K. Ho and K. Addae-Dapaah (2005) “Regime Changes in International Property Markets” CRESTimes 5(1)10-11

Liow, KH, Newell, G., Ooi, JTL and H. Zhu (2004), “Does Information Transparency Matter? Evidence from Asian Property Companies” Pulses, May 2004: 25-28, 31-32

Liow, KH and M.C. Sim (2004), “Recent Performance of Singapore Listed Property Sector” CRESTimes 4(2):4-5

Liow, KH, Newell, G., Ooi, JTL and H. Zhu (2004), “Does Information Transparency Matter? Evidence from Asian Property Companies” CRESTimes 4(1): 1-2

Liow, KH (2003), “Dose Corporate Real Estate Benefit Non-Real Estate Firm?” CRESTimes 3(2): 6-7

Liow, KH (2003), “How to Measure Performance in Corporate Real Estate?” CRESTimes 3(2): 7-8

Tay, L., KH Liow and JTL Ooi (2003), “Local Firms Neglecting Property Returns”, Straits Times, 12 July2003

Liow, Ooi, JTL and KH Liow (2001), “Real Estate: The tortoise in the EVA Race?” CRESTimes 1(1): 4-5, Centre for Real Estate Studies, Department of Real Estate, National University of Singapore

Ooi, JTL and KH Liow (2001), “Assessing Real Estate Companies”, Business Times- Property Supplement, 25 April 2001

Liow, K.H. and JTL, Ooi (2001), “Corporate Real Estate in Financial Statements: A Strategic Perspective”, CRESTimes 1(2), p 3

Liow, K.H. and JTL, Ooi (2001), “Market Value Added: Another Corporate Performance Measurement Tool”, CRESTimes1(2), pp. 6-7

Wang, L.K. and K.H. Liow (2000), “Singapore’s Property Stocks: Volatility – Good or Bad?”, PULSES, July, pp. 32, 34,36-37

Liow, K.H. (1998), "Financial Economics of Property: Some Examples", Research News 1(2), Faculty of Architecture, Building and Real Estate, National University of Singapore, pp. 6-7

Liow, K.H. and L.K.Wang (1999), "The Investment Performance of Singapore Property Companies: Pre- and Post - 14 May 96", SES Journal 27(2), pp. 23-27

Liow, K.H., J T L Ooi, S E Ong and K M Quek (1999), "Real Estate Investment Trust - Some Pricing Consideration", SES Journal 27(6), pp. 8-10

Ooi, J T L, S E Ong and K H, Liow (1999), "Real Estate Investment Trust: A New Investment Product", SES Journal 27(2), pp. 20-22

Ong, S E, J T L Ooi, K H Liow and K M Quek (1999), "Real Estate Investment Trust: A Comparative Evaluation", SES Journal 27(5), pp. 23-25

Wang, L K and K H Liow (1999), "The Behavior of Singapore Property Stocks to Market and Interest Rate Risks", SES Journal 27(8), pp. 28-31

Ooi, J.T.L., S.E. Ong, K.H. Liow, K.M. Quek and J. Khor (1999), "Real Estate Investment Trust: Return Characteristics", SES Journal 27(9), pp. 16-22

Wang, L.K. and K.H. Liow (1999), "Time-Varying Performance of Singapore Property Stocks- an After the Crisis Evaluation", SES Journal 27(11), pp. 31-36

Liow, K.H. (1998), "Exploring a Strategic Corporate Real Estate Valuation Model", The Valuer and Land Economist 35(2), pp.161-166

Liow, K.H. (1998), "Interactions Between Singapore's Property and Equity Markets", SES Journal 26(5), pp. 19-21

Liow, K.H. (1998), "Net Asset Value "Discount" of Singapore Property Companies", SES Journal 26(10), pp. 30-34

Liow, K.H. (1997), "The Performance of Singapore Real Estate and Property Stocks", SES Journal 25(4), pp. 27-34

Liow, K.H. (1997), "The Performance of Singapore Property Stocks: 1991-1996", SES Journal 25(6), pp. 29-32

Liow, K.H. (1997), "Singapore Property Stock and Residential Real Estate Markets: Close Relations?" SES Journal 25(12), pp. 14-20

Liow, K.H. and R.P. Xia (1997), "Shi Jie 'Zheng Fu Shou Di Ji Hua" Part I (Chinese), Lian He Zao Bao, Singapore Press Holdings, 1997/09/09

Liow, K.H. and R.P. Xia (1997), "Shi Jie 'Zheng Fu Shou Di Ji Hua", Part II (Chinese), Lian He Zao Bao, Singapore Press Holdings, 1997/09/10

Liow, K.H. and R.P. Xia (1997), "Huan Man Xia Tiao Teng Hou Fu Xu", (Chinese), Lian He Zao Bao, Singapore Press Holdings, 1997/12/28
 

Unpublished Business Cases

Liow, K.H. (2003), "The Role of Property in Kingfisher Group” Department of Real Estate. NUS

Liow, K.H. (2007) "The Battle for Marks and Spencer” Department of Real Estate, NUS

Liow, K.H. (2009), "Property and Tesco” Department of Real Estate. NUS



 


 

Teaching Portfolios

Undergraduate
RE3212 (Corporate Investment in Real Estate) (Current)
GEK2013 (Real Estate Finance)
RE4905 (Real Estate and Capital Markets)
RE4290 (Globalization of Real Estate Markets)
RE3281 (Real Estate Asset Market II)
RE4292 (International Real Estate)
RE4205 (Advanced Real Estate Investment and Finance)
EM4203 (Current Issues in Real Estate Investment Analysis)
EM3207 (Corporate Real Estate Asset Management)
EM2108 (Real Estate Finance)
BE1105 (Finance and Accounting)
BR1103 (Finance and Accounting)
RV3119 (Real Estate Investment Analysis)

Graduate
RE5005 (Real Estate Finance) (Current)
RE5006 (Portfolio and Asset Management)
RE5006 (Corporate Real Estate Asset Management)
RE5014 (Real Estate in Corporate Portfolios)
RE6102 (Corporate Real Estate)
RE5104 (Real Estate Investment and Portfolio Analysis)
RE5102 (Real Estate Appraisal and Accounting)
PM5105 (Development Finance)

 

Graduate Research Topics/ students Supervised
 

Ph. D

  • Are real estate stocks equities? (in progress)
  • Swiching volatility and cross-market linkages in real estate securities markets (2016)
  • Economic integration and real estate securities market linkages in Greater China and international linkages (2015)
  • The dynamic relationship between commercial real estate and stock prices (2003)
  • Regime switching in international securitized real estate markets (2007)

 

M. Sc

  • Linkage between commercial real estate and property stock price cycles in Singapore (1999)
  • Relationship between property stock price and corporate fundamental value (2000)
  • The pricing of interest rate risk in property stocks (2002)
  • Macroeconomic risk and excess returns on property stocks: some international evidence (2003)
  • Long memory in systematic risk of international securitized real estate (2004)
  • Long-term relationship and short-term dynamics between property stock prices and net asset values in Asia-Pacific region (2004)
  • Atomic portfolio selection: MVSK Utility Optimization of global real estate securities (2004)
  • Long-run relationships and short-term volatility dynamics of international real estate security markets (2009)
  • Time-varying mean and volatility spillover in Asian securitized real estate markets (2011)
  • An assessment of international real estate securities market linkages (2011)
  • Extreme correlation and dependence in international real estate securities markets (2012)

 

 


 

Current

Appointed member, Nee Soon Town Council (10/2015 - 9/2017)

Appointed member, Investment anf Finance Committe, Nee Soon Town Council (10/2015 - 9/2017) 

Member, Singapore Institute of Management

Membership of Senate Panel for student discipline (July 2014 - June 2018)

Member, Faculty Promotion and Tenure Committee, SDE (from July 2016)

Member, DEC (for promotion to full Professor) (from March 2016)

Director, Graduate Research, Departrment of Real Estate (from August 2016)

Core leader, real estate finance, Department of Real estate (from July 2017)

Board of Directors, Global Chinese Real Estate Congress (from Jul 2008)

Board of Directors, Asian Real Estate Society (from Aug 2009)

Director, Board, Association of North America Higher Education International (NAHEI) (from May 2015)

Deputy Editor, Journal of Property Research, UK (from January 2006)

Associate Editor, Journal of Real Estate Literature, American Real Estate Society, USA (from 2003)

Associate Editor, International Real Estate Review (from July 2012)

Editorial Advisory Board, Quantitative Finance and Economics (from June 15, 2017)

Editorial Advisory Board, International Journal of Strategic Property Management (from October 2015)

Editorial Advisory Board, Geopolitics under Globalization (from October 2015)  

Editorial Advisory Board, Journal of Real Estate Research (from July 2012)

Editorial Advisory Board, Journal of Real Estate (Chinese) (from July 2012)

Editorial Advisory Board, Property Management (from December 2010)

Editorial Advisory Board, Journal of Corporate Real Estate (from March 2009)

Editorial Advisory Board, Journal of Real Estate Portfolio Management (From Jul 2008)

Editorial Advisory Board, Journal of Property Investment and Finance, UK (from 2001)

Editorial Advisory Board, Pacific Rim Property Research Journal, Australia (from 2002)

Editorial Advisory Board, Journal of Financial Management of Property and Construction, UK (from 2002)

 

Past

Consultant, Hersing Corporation (June 2005 - June 2011)

Town Councillor, Bishan-Serangoon Town Council (1990-1991)

Chairman, Tender Committee, Bishan-Serangoon Town Council (1990-1991)

External Examiner, Diploma course in Building and Real Estate Management, Ngee Ann Polytechnic (1995-1999)

Member, annual performance review committee for academic staff, Department of Real Estate (2015-2016)

Member, Faculty Promotion and Tenure Committee  (July 2012 - June 2014)

Deputy Head (Administration and Finnace), Department of Real Estate (July 2007 - June 2013)

Deputy Head (Academic), Department of Real Estate (February 2001 - December 2004)

Member, Faculty Review Committee for non-academic staff (July 2007 - June 2013)

Chair, Department Evaluation Committee (P&T to Associate Professor)

Chair, Search Committee, Practice Professors (2 cases)

Co-chairs, 40th Anniversary Celebration Committee, Buidling and Real Estat

Core Leader (Finance), Deoparment of Real Estate (July 2007 - June 2013)

Member, IAP Task Force, School of Design and Environment

Member, Task Force on space for U/G, P/G and Faculty, School of Design and Environment

Chairman, Curriculum Development Task Force, Department of Real Estate

Program Director, Bachelor of Real Estate (Property Management and Valuation) (part-time)

Program Director, M.Sc (Property and Maintenance Management)

Deputy Program Director, M.Sc (Real Estate)

Program Director, Off-campus M.Sc (Real Estate) at Chongqing

Chairperson, Exceutive Development and Short Courses

Auditor, School of Buidling and Real Estate

Treasurer, SBRE's 30th anniversary committee

Reviewers: Journal of Real Estate Finance & Economics, Real Estate Economics, Singapore Economic Review, Journal of Macroeconomics, Review of Financial Economics, Managerial Finance, Journal of Risk, Nonlinear Dynamics and Econometrics, International Review of Economics and Finance, Emerging Markets Finance and Trade, Journal of Housing Economics, Economic Research International, Applied Economics, Contemporary Economic Policy, Asia-Pacific Management Review, Economic Modelling, Economic System, Emerging Markets Review, International Review of Financial Analysis and others

Guest Editor/Co-editors, Special issues (Journal of Proiperty Research:2, Journal of Property Invesrtment and Finance:1, and Journal of Financial Management of Property and Construction:1)

Co-chairs, Program Committee, Asian/Intl AREUEA Conference, July 2012, Singapore

Organizing Committee, Asian Real Estate Society (AsRES) Conference, 2003,  Singapore

Organizing Committee, Internartional Congress on Real Estate, 1995, Singapore

Member, GCREC2016 Committee (Policy Declaration and Submission), Hangzhou, China

Best paper awards review committee, GCREC conference 2013, 2014 and 2015

Organizing Committee, The 2nd International Conference on Real Estate and Urban Economics, 2016, Nanjing, China

General Chair, International Committee Board. The 3nd International Conference on Economics and Management, 2016, Suzhou, China


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* Outstanding paper in the 2017 Emerald Literati Network for Excellence for the paper “Linkages between cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles” published in Journal of European Real Estate Research (2017)

* Best paper award (2nd prize) for paper "Spillover in volatility stress and economic policy uncertainty: an empirical investigation" presented at the GCREC 2016, July 1-3, Hangzhou, China (with Wen-Chi LIAO)

* Research award for special issue ofvolaitlity Asia-Pacific Journal of Financial Studies (Volume 44, Issue 2) on "globalized finance and emerging economies" (2015)

* DTZ Research Institute Award for Academic Innovation 2014 for paper "linkages and volatility spillover effects between office markets in Europe", with Felix Schindler (2014)

* Highly commended award for excellence 2014 by Emerald LiteraratiNetwork for paper "Volatility interdependence in European securitized real estate markets: who is the most influential?" published in the Journal of European Real Estate Research 2013 (2014)

* Emerald Gerald Brown Memorial Prize for best paper on "real estate markets and forecasting" for the paper entitled "Volatility interdependence in European securitized real estate markets: who is the most influential?" presented at the 2013 June 13-16 European Real Estate Society conference (2013)

* Fukuoka Realty Co Ltd Best Paper award for "Long-term and short-term relationships in securitized real estate markets: a co-movement box perspective" presented at the 18th Asian Real Estate Society (AsRES) conference 2013, Kyoto, June 28 - July 1 (with Zhou, X.) (2013)

* Highly commended award for excellence 2012 by Emerald LiteraratiNetwork for paper "Time series behavior of average dynamic conditional correlations in European real estate securities markets" published in the Journal of European Real Estate Research 2011 (2012)

* Teaching Excellence Award 2009/2010, School of Design and Environment (2011)

* Emerald Gerald Brown Memorial Prize for the best paper on “real estate markets and forecasting” for the paper entitled “Time series behavior of average dynamic conditional correlations in European real estate securities markets” presented at the 2011 June European Real Estate Society Conference (2011)

* American Real Estate Society (ARES) Manuscript Prize Award for Best Paper in “Retail real estate”, ARES Conference 2009 (“Are corporate retail properties undervalued? Evidence from international retail companies”) (2009)

*American Real Estate Society (ARES) Manuscript Prize Award for Best Paper in “Apartments”, ARES Conference 2009 (“What drives value property premium?”(with Kwame, Addae-Dapaah and Adam Stults) (2009)

*Highly Commended Award for Excellence 2009 by the Emerald Literati Network for paper “A combined perspective of corporate real estate” (with I. Nappi-Choulet ) published in Journal of Corporate Real Estate 2008 (2009)

* Ranked Top Asia-Pacific and 12th global researcher in the core real estate journals over the period 2001-2006 (Source: Chan, Hardin III, Liano and Yu, 2008, The Internationalization of Real Estate Research, Journal of Real Estate Research 30, 1, 91-124) (2008)

* Highly Commended Award for Excellence 2007 by the Emerald Literati Network for paper “Interest rate risk and time-varying excess returns for Asian property stocks” (with Huang Qiong) published in Journal of Property Investment and Finance 2006 (2007)

* American Real Estate Society (ARES) Manuscript Prize Award for Best Paper in “Real Estate Market Analysis”, ARES Conference 2005 (“Macroeconomic Policy and Real Estate, Stock Market Impact” – with Ho and Faishal) (2005)

* American Real Estate Society (ARES) Manuscript Prize Award for Best Paper in “Real Estate Investment / Portfolio Management”, ARES Conference 2004 (“Regime Changes in International Securitized Property Markets” - with Zhu H., David Ho and Kwame, Addae-Dapaah) (2004)

* Grosvenor Prize for best paper presented at the 10th European Real Estate Society Conference, 2003 on comparative analysis of international real estate (“Dynamic capital structure decisions of real estate organizations” – with Joseph Ooi and Li Lin) (2003)

* Teaching Honors List 2002/2003, School of Design and Environment, NUS (2004)

* Literati Club Award for Excellence for paper “Real Estate Corporations: the Quest for Value” (with Joseph Ooi) published in Journal of Property Investment and Finance, 2003 (2003)

* Financial award from American Real Estate Society (ARES) foundation for promising international researchers to present a research paper at the ARES Annual Meeting in Naples, Florida, USA, April 2002

 *Ranked one of the two top authors in the UK Journals from Asia (Source: Ong, Ooi and Wong, 2001 crossing the great divide? A survey of US and UK real estate journals, Journal of Property Investment and Finance 19(6): 519-534)

 

 

 

 


 
  Last Modified: 2017-07-15