Tightening policy and housing price bubbles: Examining an episode in the Chinese housing market.

Housing markets are often characterized by price bubbles, and governments have instituted policies to stabilize them. Under this circumstance, this study addresses the following questions. (1) Does policy tightening change expectations in housing prices, revealing a regime change? (2) If so, what determines the housing market's reaction to policy tightening? To answer these questions, we examine the effects of policy tightening that occurred in 2016 on the Chinese housing market where a price boom persisted in the post-2000 period.

Scaling behavior and text cohesion in Korean texts.

This study examines whether different types of texts, particularly in Korean, can be distinguished by the scaling exponent and degree of text cohesion. We use the controlled growth process model to incorporate the interaction effect into a power-law distribution and estimate the implied parameter explaining the degree of text cohesiveness in a word distribution. We find that the word distributions of Korean languages differ from English regarding the range of scaling exponents.

Market efficiency of cryptocurrency: evidence from the Bitcoin market.

This study examines whether the Bitcoin market satisfies the (weak-form) efficient market hypothesis using a quantum harmonic oscillator, which provides the state-specific probability density functions that capture the superimposed Gaussian and non-Gaussian states of the log return distribution. Contrasting the mixed evidence from a variance ratio test, the high probability allocated to the ground state suggests a near-efficient Bitcoin market. Findings imply that as Bitcoin evolves into an efficient market, speculators might encounter difficulty in exploiting profitable trading strategies.