Relationship between Stock Market and House Market：Evidences from Taiwan

• Main Authors: HSIEH, MING-HSUN, 謝明勳
• Other Authors: WANG, CHIEN-AN
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/us9ybz

碩士 === 國立暨南國際大學 === 財務金融學系 === 107 === This study tries to clarify that the practice often talks about investing in the stock or in the house market. Under the framework of this issue , it is extend to examine whether the stock market and the house market are in a long-term(short-term) and integration(segmental) relationship and whether the theory of mature price-volume relationship in the stock market can be directly applied to price-volume relationship in the stock market. The empirical results show that the impact of house market on the stock market is a segmental relationship and the impact of the stock market on the house market is long-term and positive integrated. The theory of mature price-volume relationship in the stock market can’t be directly applied to price-volume relationship in the stock market because the heterogeneity and efficiency of the real estate market are poor and difficult to explain by their own past. Finally, this study compares the performance of investing in the stock market and house market. Overall, the performance of the house market is better than the stock market. In addition to considering the dividend income, rental income and ETF(0050), the performance of the stock market is better than the house market.