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Selected Works

David LEE Kuo Chuen

Articles 1 - 8 of 8

Full-Text Articles in Finance and Financial Management

The Vehicle Quota System In Singapore: An Assessment, Winston T. H. Koh, David K. C. Lee Jul 2014

The Vehicle Quota System In Singapore: An Assessment, Winston T. H. Koh, David K. C. Lee

David LEE Kuo Chuen

This paper reviews the developments since the vehicle quota system was introduced in Singapore in May 1990. We discuss the bidding strategies for the certificates of entitlement (COE) under both the transferable and nontransferable auctions, as well as the equity of the present system and the desirability of transferable COEs. We argue that the COE auction should be made discriminatory and propose an alternative system of COE auction that we feel is both equitable and at the same time politically acceptable. We also survey developments in market competition in the car industry.

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Share-Price-Changes-Volume Relation On The Singapore Equity Market, David K. C. Lee, Mohamed Ariff Jul 2014

Share-Price-Changes-Volume Relation On The Singapore Equity Market, David K. C. Lee, Mohamed Ariff

David LEE Kuo Chuen

A critical review of the literature on security-price-changes-volume research suggests that the published studies in the United States and one each in Hong Kong and Japan have largely ignored the impacts on the results from autocorrelation, non-normality of distributions, heteroscedasticity and non-linear functional forms. Therefore, the reported findings are not robust. In testing for this relation from a small sample of continuously traded shares in the Singapore share market, we find that consistent results may not be obtained because of violations of basic test conditions. A task that remains is an application of alternative test models with data transformation using …

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Housing Policies In Singapore: Evaluation Of Recent Proposals And Recommendations For Reform, Sock Yong Phang, David K. C. Lee, Alan Cheong, Kok Fai Phoon, Karol Wee Jul 2014

Housing Policies In Singapore: Evaluation Of Recent Proposals And Recommendations For Reform, Sock Yong Phang, David K. C. Lee, Alan Cheong, Kok Fai Phoon, Karol Wee

David LEE Kuo Chuen

The Singapore housing market is unusual in its high homeownership rate, the dominance of HDB housing, and the extensive intervention of the government in regulating housing supply and demand in both the HDB and private housing sectors. Recent rapid population increases in a low interest rate and high global liquidity environment has resulted in accelerated house prices increases in Singapore. Earlier this year, the government launched “Our Singapore Conversation” of which discussion on housing policies constitutes one major component. This “conversation” comes in the wake of several consecutive rounds of measures to stabilize housing prices using various instruments. This paper …

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Singapore's Financial Market: Challenges And Future Prospects, Kuo Chuen Lee, Kok Fai Phoon Jul 2014

Singapore's Financial Market: Challenges And Future Prospects, Kuo Chuen Lee, Kok Fai Phoon

David LEE Kuo Chuen

No abstract provided.

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Long Memory And Asia Crisis: Implication For Capital Controls And Management, Kuo Chuen David Lee Jul 2014

Long Memory And Asia Crisis: Implication For Capital Controls And Management, Kuo Chuen David Lee

David LEE Kuo Chuen

“Financial markets are given to excesses and if a boom/bust sequence progresses beyond a certain point, it will never revert to where it came from. Instead of acting like a pendulum, financial markets have recently acted more like a wrecking ball, knocking over one economy after another.” - A testimony before the US House Banking Committee, Sep, 1998. There are three parts to this paper. The first part examines the time series behaviour of the equity indices of ten countries. Using Robinson (1995a)’s modified GPH estimator and Robinson (1994a)’s average periodogram estimator for the differencing parameter, we have detected that …

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An Evaluation Of Hedge Funds: Risk, Return And Pitfalls, Francis Koh, David K. C. Lee, Kok Fai Phoon Jul 2014

An Evaluation Of Hedge Funds: Risk, Return And Pitfalls, Francis Koh, David K. C. Lee, Kok Fai Phoon

David LEE Kuo Chuen

Hedge funds are collective investment vehicles fast becoming popular with high net worth individuals as well as institutional investors. These are funds that are often established with a special legal status that allows their investment managers a free hand to use derivatives, short sell and exploit leverage to raise returns and cushion risk. Given that they have substantial latitude to invest, it is instructive to examine the performance of hedge funds as compared to other forms of managed funds. This paper provides an overview of hedge funds and discusses their empirical risk and return profiles. It also poses some concerns …

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Semiparametric Exploration Of Long Memory In Stock Prices, David K. C. Lee, Peter M. Robinson Jul 2014

Semiparametric Exploration Of Long Memory In Stock Prices, David K. C. Lee, Peter M. Robinson

David LEE Kuo Chuen

New or modified methods for semiparametric analysis of fractional long memory in time series are described and applied to twenty-six stock prices and two stock indices. Evidence is found that some, but not all, of the stocks have long memory, while one of the indices exhibits mean reversion.

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Market Structure And Growth Potential Of Singapore Reits, Cher Chiew Francis Koh, Kuo Chuen Lee, Kok Fai Phoon, Ee Seng Seah Jul 2014

Market Structure And Growth Potential Of Singapore Reits, Cher Chiew Francis Koh, Kuo Chuen Lee, Kok Fai Phoon, Ee Seng Seah

David LEE Kuo Chuen

No abstract provided.

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