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Papers by Gary Rangel
SSRN Electronic Journal, 2000
This paper examines the evidence of real estate bubbles within Singapore's private residential ma... more This paper examines the evidence of real estate bubbles within Singapore's private residential market from 1978 to 2004. The determinants of real estate bubbles are also examined. The analysis generates two principle conclusions. First, using unit root tests and cointegration tests, we found evidence of explosive characteristics in the property price index as well as the accommodation index indicating the presence of real estate bubbles in the Singapore private residential market. However, in conducting a robustness check using the variance bounds test, fundamental property prices were just as volatile as actual observed prices. Therefore, evidence of real estate bubbles in Singapore's private residential market is inconclusive. Second, using polynomial distributed lag analysis, it was found that increases in domestic credit growth and growth in the Straits Times Index (STI) are related to the increase in the percentage deviation between actual property prices and calculated fundamental values. Real interest rates and Gross Domestic Product (GDP) growth were not significantly related to the deviation between actual and fundamental real estate prices.
International Finance Review
ABSTRACT
Computers in Human Behavior, 2009
Subjective norm Perceived usefulness Perceived ease of use Internet stock trading a b s t r a c t
This paper reports evidence to support a relationship between risk propensity, risk perception, a... more This paper reports evidence to support a relationship between risk propensity, risk perception,
and risk-taking behaviour of investors in an emerging market. Primary data were gathered using
a validated structured questionnaire, which was self-administered by respondents: there were 162
investors from 8 stockbroking companies. A multiple regression was used to test the direct and
indirect effects of the identified behavioural characteristics on investment decision. Risk
propensity was found to be positively related to risk-taking behaviour whereas risk perception
was negatively related to risk-taking behaviour. It was further found that risk perception partially
mediates the effect of propensity to take risk. This suggests that the perceptual framing of a
situational context in the investors’ thought processes reduces but it does not totally overwhelm
the innate personality traits with respect to either the investor’s risk-seeking or risk-averseness.
The tendency to engage in risky behaviour is more psychological in nature. The implications of
the research are further explored.
SSRN Electronic Journal, 2000
This paper examines the evidence of real estate bubbles within Singapore's private residential ma... more This paper examines the evidence of real estate bubbles within Singapore's private residential market from 1978 to 2004. The determinants of real estate bubbles are also examined. The analysis generates two principle conclusions. First, using unit root tests and cointegration tests, we found evidence of explosive characteristics in the property price index as well as the accommodation index indicating the presence of real estate bubbles in the Singapore private residential market. However, in conducting a robustness check using the variance bounds test, fundamental property prices were just as volatile as actual observed prices. Therefore, evidence of real estate bubbles in Singapore's private residential market is inconclusive. Second, using polynomial distributed lag analysis, it was found that increases in domestic credit growth and growth in the Straits Times Index (STI) are related to the increase in the percentage deviation between actual property prices and calculated fundamental values. Real interest rates and Gross Domestic Product (GDP) growth were not significantly related to the deviation between actual and fundamental real estate prices.
International Finance Review
ABSTRACT
Computers in Human Behavior, 2009
Subjective norm Perceived usefulness Perceived ease of use Internet stock trading a b s t r a c t
This paper reports evidence to support a relationship between risk propensity, risk perception, a... more This paper reports evidence to support a relationship between risk propensity, risk perception,
and risk-taking behaviour of investors in an emerging market. Primary data were gathered using
a validated structured questionnaire, which was self-administered by respondents: there were 162
investors from 8 stockbroking companies. A multiple regression was used to test the direct and
indirect effects of the identified behavioural characteristics on investment decision. Risk
propensity was found to be positively related to risk-taking behaviour whereas risk perception
was negatively related to risk-taking behaviour. It was further found that risk perception partially
mediates the effect of propensity to take risk. This suggests that the perceptual framing of a
situational context in the investors’ thought processes reduces but it does not totally overwhelm
the innate personality traits with respect to either the investor’s risk-seeking or risk-averseness.
The tendency to engage in risky behaviour is more psychological in nature. The implications of
the research are further explored.