{"id":4535,"date":"2025-10-01T18:13:58","date_gmt":"2025-10-01T10:13:58","guid":{"rendered":"http:\/\/www.gssinst.org\/irer\/?page_id=4535"},"modified":"2026-01-05T11:33:56","modified_gmt":"2026-01-05T03:33:56","slug":"current-issue-vol-28-number-3-autumn-2025","status":"publish","type":"page","link":"https:\/\/www.gssinst.org\/irer\/current-issue-vol-28-number-3-autumn-2025\/","title":{"rendered":"Past Issues &#8211; Vol 28 Number 3 Autumn 2025"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"4535\" class=\"elementor elementor-4535\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3af3a3c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3af3a3c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5d68709\" data-id=\"5d68709\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-021044c elementor-widget elementor-widget-heading\" data-id=\"021044c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-large\"><h1 class=\"article_list_category_name\" style=\"white-space: normal;\">Volume 28, Number 3, Autumn 2025<\/h1><\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ee36996 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ee36996\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f79cbe3\" data-id=\"f79cbe3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1bd8440 elementor-widget elementor-widget-text-editor\" data-id=\"1bd8440\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p><span style=\"font-family: 'Open Sans', sans-serif;\">All articles listed here are available for download in portable document format (PDF).<\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9e1f376 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9e1f376\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-abd07b0\" data-id=\"abd07b0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2a4aef6 elementor-widget elementor-widget-html\" data-id=\"2a4aef6\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"article_list_category_container\">\r\n<!-- 01***************************************************************************************************************************** -->\r\n    <div class=\"article_container\">\r\n        <div class=\"article_list_article_name show_first\" style=\"visibility: visible;\">Articles\r\n        <\/div>\r\n        <article class=\"per_single\">\r\n            <header class=\"entry-header\">\r\n                <div class=\"entry-header-row\">\r\n                    <div class=\"entry-header-column\">\r\n                        <h2 class=\"entry-title\" style=\"font-family: Roboto;\r\n                            font-style: normal;\r\n                            font-weight: 800;\r\n                            font-size: 20px;\r\n                            line-height: 24px;\r\n                            color: #333333;\">\r\n                            <a href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/04\/the-unforeseen-impact-ipos-and-worsening-performance-in-local-residential-mortgage-markets\/\">\r\n                              The Unforeseen Impact: IPOs and Worsening Performance in Local Residential <br>Mortgage Markets\r\n                             <\/br><\/a>\r\n                        <\/h2>\r\n                    <\/div>\r\n                <\/div>\r\n                <div class=\"entry-summary\" style=\"margin:0;\">\r\n                    <div>\r\n                        <p class=\"title_label_large\" style=\"font-size: 14px;\">Author<\/p>\r\n                        <p class=\"title_label\" style=\"font-size: 14px;\">Year<\/p>\r\n                        <p class=\"title_label\" style=\"font-size: 14px;\">Volume<\/p>\r\n                        <p class=\"title_label\" style=\"font-size: 14px;\">Issue Number<\/p>\r\n                        <p class=\"pageTitle\" style=\"color: rgb(153, 153, 153); width: 24%; display: inline-block; line-height: 20px; margin: 16px 0px; vertical-align: top; font-size: 14px;\">Start Page \/ End Page<\/p>\r\n                    <\/div>\r\n                    <!-- Author \/ Publication \/ Year \/ Volume \/ Issue Number \/ Start Page End Page -->\r\n                    <div>\r\n                        <p class=\"title_text_large\" style=\"font-size: 14px;\">Jing Yang, Xin Rong Li, Erin Liu<\/p>\r\n                        <p class=\"title_text\">2025<\/p>\r\n                        <p class=\"title_text\">28<\/p>\r\n                        <p class=\"title_text\">3<\/p>\r\n                        <p class=\"pagetextTitle\" style=\"width: 24%; display: inline-block; font-size: 14px;\"> 255 \/ 328<\/p><\/div>\r\n                        <p class=\"abstract_label mt16\">Keywords<\/p>\r\n                        <p class=\"keywords\">Initial public offering, Mortgage, Capital market, Counter-cyclical\r\n\r\n\r\n<\/p>\r\n                        <p class=\"downloadLine\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2025\/10\/vol28_no3_1-MS24101601-Unforeseen-Impact-Yang.pdf\">View PDF - https:\/\/doi.org\/10.53383\/100405<\/a><\/p>\r\n                        <a class=\"abstractBtn\" href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/04\/the-unforeseen-impact-ipos-and-worsening-performance-in-local-residential-mortgage-markets\/\" aria-label=\"Show Abstract\">Show Abstract\r\n                            <svg style=\"vertical-align: top;\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\">\r\n                                <path d=\"M18 4H6C4.9 4 4 4.9 4 6V18C4 19.1 4.9 20 6 20H18C19.1 20 20 19.1 20 18V6C20 4.9 19.1 4 18 4ZM17 13H7V11H17V13ZM13 17H7V15H13V17ZM17 9H7V7H17V9Z\" fill=\"#1DAF95\"><\/path>\r\n                            <\/svg>\r\n                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/header>\r\n        <\/article>\r\n<!-- 02***************************************************************************************************************************** -->\r\n    <div class=\"article_container\">\r\n        <div class=\"article_list_article_name show_first\" style=\"visibility: hidden;\">Articles\r\n        <\/div>\r\n        <article class=\"per_single\">\r\n            <header class=\"entry-header\">\r\n                <div class=\"entry-header-row\">\r\n                    <div class=\"entry-header-column\">\r\n                        <h2 class=\"entry-title\" style=\"font-family: Roboto;\r\n                            font-style: normal;\r\n                            font-weight: 800;\r\n                            font-size: 20px;\r\n                            line-height: 24px;\r\n                            color: #333333;\">\r\n                            <a href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/01\/herding-in-investment-trusts-new-evidence-using-tick-by-tick-data\/\">\r\n                                Herding in Investment Trusts: New Evidence Using Tick-by-Tick Data\r\n\r\n\r\n<\/a>\r\n                        <\/h2>\r\n                    <\/div>\r\n                <\/div>\r\n                <div class=\"entry-summary\" style=\"margin:0;\">\r\n                    <div>\r\n                        <p class=\"title_label_large\" style=\"font-size: 14px;\">Author<\/p>\r\n                        <p class=\"title_label\" style=\"font-size: 14px;\">Year<\/p>\r\n                        <p class=\"title_label\" style=\"font-size: 14px;\">Volume<\/p>\r\n                        <p class=\"title_label\" style=\"font-size: 14px;\">Issue Number<\/p>\r\n                        <p class=\"pageTitle\" style=\"color: rgb(153, 153, 153); width: 24%; display: inline-block; line-height: 20px; margin: 16px 0px; vertical-align: top; font-size: 14px;\">Start Page \/ End Page<\/p>\r\n                    <\/div>\r\n                    <!-- Author \/ Year \/ Volume \/ Issue Number \/ Start Page End Page -->\r\n                    <div>\r\n                        <p class=\"title_text_large\" style=\"font-size: 14px;\">Karthik Natashekara<\/p>\r\n                        <p class=\"title_text\">2025<\/p>\r\n                        <p class=\"title_text\">28<\/p>\r\n                        <p class=\"title_text\">3<\/p>\r\n                        <p class=\"pagetextTitle\" style=\"width: 24%; display: inline-block; font-size: 14px;\"> 329 \/ 358 <\/p><\/div>\r\n                        <p class=\"abstract_label mt16\">Keywords<\/p>\r\n                        <p class=\"keywords\">Herding, Microstructure, REIT, InvITs, Investment trusts, India, Real estate investment trust\r\n\r\n<\/p>\r\n                        <p class=\"downloadLine\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2025\/10\/vol28_no3_2-MS24072301-Herding-in-Investment-Trusts-Natashekara.pdf\">\r\n                View PDF - https:\/\/doi.org\/10.53383\/100406<\/a><\/p>\r\n                        <a class=\"abstractBtn\" href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/01\/herding-in-investment-trusts-new-evidence-using-tick-by-tick-data\/\">Show Abstract\r\n                            <svg style=\"vertical-align: top;\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\">\r\n                                <path d=\"M18 4H6C4.9 4 4 4.9 4 6V18C4 19.1 4.9 20 6 20H18C19.1 20 20 19.1 20 18V6C20 4.9 19.1 4 18 4ZM17 13H7V11H17V13ZM13 17H7V15H13V17ZM17 9H7V7H17V9Z\" fill=\"#1DAF95\"><\/path>\r\n                            <\/svg>\r\n                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/header>\r\n        <\/article>\r\n<!-- 03***************************************************************************************************************************** -->\r\n<div class=\"article_container\">\r\n    <div class=\"article_list_article_name show_first\" style=\"visibility: hidden;\">Articles\r\n    <\/div>\r\n    <article class=\"per_single\">\r\n        <header class=\"entry-header\">\r\n            <div class=\"entry-header-row\">\r\n                <div class=\"entry-header-column\">\r\n                    <h2 class=\"entry-title\" style=\"font-family: Roboto;\r\n                        font-style: normal;\r\n                        font-weight: 800;\r\n                        font-size: 20px;\r\n                        line-height: 24px;\r\n                        color: #333333;\">\r\n                        <a href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/01\/financial-and-macroeconomic-impacts-on-real-estate-prices-of-turkiye-2013-to-2023\/\">\r\n                            Financial and Macroeconomic Impacts on Real Estate Prices of Turkiye: 2013 to 2023\r\n\r\n<\/a>\r\n                    <\/h2>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"entry-summary\" style=\"margin:0;\">\r\n                <div>\r\n                    <p class=\"title_label_large\" style=\"font-size: 14px;\">Author<\/p>\r\n                    <p class=\"title_label\" style=\"font-size: 14px;\">Year<\/p>\r\n                    <p class=\"title_label\" style=\"font-size: 14px;\">Volume<\/p>\r\n                    <p class=\"title_label\" style=\"font-size: 14px;\">Issue Number<\/p>\r\n                    <p class=\"pageTitle\" style=\"color: rgb(153, 153, 153); width: 24%; display: inline-block; line-height: 20px; margin: 16px 0px; vertical-align: top; font-size: 14px;\">Start Page \/ End Page<\/p>\r\n                <\/div>\r\n                <!-- Author \/ Year \/ Volume \/ Issue Number \/ Start Page End Page -->\r\n                <div>\r\n                    <p class=\"title_text_large\" style=\"font-size: 14px;\"> Olcay \u00d6l\u00e7en<\/p>\r\n                    <p class=\"title_text\">2025<\/p>\r\n                    <p class=\"title_text\">28<\/p>\r\n                    <p class=\"title_text\">3<\/p>\r\n                    <p class=\"pagetextTitle\" style=\"width: 24%; display: inline-block; font-size: 14px;\">359 \/ 377<\/p><\/div>\r\n                    <p class=\"abstract_label mt16\">Keywords<\/p>\r\n                    <p class=\"keywords\">Real estate markets, Housing price index, GDP growth, Unemployment, Inflation\r\n\r\n<\/p>\r\n                    <p class=\"downloadLine\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2025\/10\/vol28_no3_3-MS25021701-Financial-Macroeconomic-Impacts-Olcen.pdf\">View PDF - https:\/\/doi.org\/10.53383\/100407<\/a><\/p>\r\n                    <a class=\"abstractBtn\" href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/01\/financial-and-macroeconomic-impacts-on-real-estate-prices-of-turkiye-2013-to-2023\/\">Show Abstract\r\n                        <svg style=\"vertical-align: top;\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\">\r\n                            <path d=\"M18 4H6C4.9 4 4 4.9 4 6V18C4 19.1 4.9 20 6 20H18C19.1 20 20 19.1 20 18V6C20 4.9 19.1 4 18 4ZM17 13H7V11H17V13ZM13 17H7V15H13V17ZM17 9H7V7H17V9Z\" fill=\"#1DAF95\"><\/path>\r\n                        <\/svg>\r\n                    <\/a>\r\n                <\/div>\r\n            <\/div>\r\n        <\/header>\r\n    <\/article>\r\n<!-- 04***************************************************************************************************************************** -->\r\n<div class=\"article_container\">\r\n    <div class=\"article_list_article_name show_first\" style=\"visibility: hidden;\">Articles\r\n    <\/div>\r\n    <article class=\"per_single\">\r\n        <header class=\"entry-header\">\r\n            <div class=\"entry-header-row\">\r\n                <div class=\"entry-header-column\">\r\n                    <h2 class=\"entry-title\" style=\"font-family: Roboto;\r\n                        font-style: normal;\r\n                        font-weight: 800;\r\n                        font-size: 20px;\r\n                        line-height: 24px;\r\n                        color: #333333;\">\r\n                        <a href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/01\/unpacking-singapores-leasehold-relativity-table-an-empirical-and-legal-analysis\/\">Unpacking Singapore\u2019s Leasehold Relativity Table \u2013 An Empirical and Legal Analysis\r\n <\/a>\r\n                    <\/h2>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"entry-summary\" style=\"margin:0;\">\r\n                <div>\r\n                    <p class=\"title_label_large\" style=\"font-size: 14px;\">Author<\/p>\r\n                    <p class=\"title_label\" style=\"font-size: 14px;\">Year<\/p>\r\n                    <p class=\"title_label\" style=\"font-size: 14px;\">Volume<\/p>\r\n                    <p class=\"title_label\" style=\"font-size: 14px;\">Issue Number<\/p>\r\n                    <p class=\"pageTitle\" style=\"color: rgb(153, 153, 153); width: 24%; display: inline-block; line-height: 20px; margin: 16px 0px; vertical-align: top; font-size: 14px;\">Start Page \/ End Page<\/p>\r\n                <\/div>\r\n                <!-- Author \/ Year \/ Volume \/ Issue Number \/ Start Page End Page -->\r\n                <div>\r\n                    <p class=\"title_text_large\" style=\"font-size: 14px;\">Koon Shing Kwong, Jing Rong Goh, Edward SW Ti<\/p>\r\n                    <p class=\"title_text\">2025<\/p>\r\n                    <p class=\"title_text\">28<\/p>\r\n                    <p class=\"title_text\">3<\/p>\r\n                    <p class=\"pagetextTitle\" style=\"width: 24%; display: inline-block; font-size: 14px;\">379 \/ 406 <\/p><\/div>\r\n                    <p class=\"abstract_label mt16\">Keywords<\/p>\r\n                    <p class=\"keywords\">Leasehold land valuation, Law and economics, Land policy, Planning law\r\n<\/p>\r\n                    <p class=\"downloadLine\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2025\/10\/vol28_no3_4-MS24070401-Unpacking-Singapores-Leasehold-Ti.pdf\">View PDF - https:\/\/doi.org\/10.53383\/100408 <\/a><\/p>\r\n                    <a class=\"abstractBtn\" href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/01\/unpacking-singapores-leasehold-relativity-table-an-empirical-and-legal-analysis\/\">Show Abstract\r\n                        <svg style=\"vertical-align: top;\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\">\r\n                            <path d=\"M18 4H6C4.9 4 4 4.9 4 6V18C4 19.1 4.9 20 6 20H18C19.1 20 20 19.1 20 18V6C20 4.9 19.1 4 18 4ZM17 13H7V11H17V13ZM13 17H7V15H13V17ZM17 9H7V7H17V9Z\" fill=\"#1DAF95\"><\/path>\r\n                        <\/svg>\r\n                    <\/a>\r\n                <\/div>\r\n            <\/div>\r\n        <\/header>\r\n    <\/article>\r\n<!-- 05***************************************************************************************************************************** -->\r\n<div class=\"article_container\">\r\n    <div class=\"article_list_article_name show_first\" style=\"visibility: hidden;\">Articles\r\n    <\/div>\r\n    <article class=\"per_single\">\r\n        <header class=\"entry-header\">\r\n            <div class=\"entry-header-row\">\r\n                <div class=\"entry-header-column\">\r\n                    <h2 class=\"entry-title\" style=\"font-family: Roboto;\r\n                        font-style: normal;\r\n                        font-weight: 800;\r\n                        font-size: 20px;\r\n                        line-height: 24px;\r\n                        color: #333333;\">\r\n                        <a href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/01\/the-financialisation-of-real-estate-firm-investment-behaviour-evidence-from-a-panel-of-real-estate-developers-in-selected-asean-economies\/\">\r\n                           The Financialisation of Real Estate Firm Investment Behaviour \u2013 Evidence from <br> a Panel of Real Estate Developers in selected ASEAN economies\r\n<\/a>\r\n                    <\/h2>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"entry-summary\" style=\"margin:0;\">\r\n                <div>\r\n                    <p class=\"title_label_large\" style=\"font-size: 14px;\">Author<\/p>\r\n                    <p class=\"title_label\" style=\"font-size: 14px;\">Year<\/p>\r\n                    <p class=\"title_label\" style=\"font-size: 14px;\">Volume<\/p>\r\n                    <p class=\"title_label\" style=\"font-size: 14px;\">Issue Number<\/p>\r\n                    <p class=\"pageTitle\" style=\"color: rgb(153, 153, 153); width: 24%; display: inline-block; line-height: 20px; margin: 16px 0px; vertical-align: top; font-size: 14px;\">Start Page \/ End Page<\/p>\r\n                <\/div>\r\n                <!-- Author \/ Year \/ Volume \/ Issue Number \/ Start Page End Page -->\r\n                <div>\r\n                    <p class=\"title_text_large\" style=\"font-size: 14px;\">Hon Chung Hui<\/p>\r\n                    <p class=\"title_text\">2025<\/p>\r\n                    <p class=\"title_text\">28<\/p>\r\n                    <p class=\"title_text\">3<\/p>\r\n                    <p class=\"pagetextTitle\" style=\"width: 24%; display: inline-block; font-size: 14px;\">407 \/ 435<\/p><\/div>\r\n                    <p class=\"abstract_label mt16\">Keywords<\/p>\r\n                    <p class=\"keywords\">Financialisation, Real estate firms, Investment, ASEAN\r\n\r\n<\/p>\r\n                    <p class=\"downloadLine\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2025\/10\/vol28_no3_5-MS24121601-Financialization-of-RE-Firm-Behavior-Hui.pdf\">View PDF - https:\/\/doi.org\/10.53383\/100409<\/a><\/p>\r\n                   <a class=\"abstractBtn\" href=\"http:\/\/www.gssinst.org\/irer\/2025\/10\/01\/the-financialisation-of-real-estate-firm-investment-behaviour-evidence-from-a-panel-of-real-estate-developers-in-selected-asean-economies\/\">Show Abstract\r\n                        <svg style=\"vertical-align: top;\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"none\">\r\n                            <path d=\"M18 4H6C4.9 4 4 4.9 4 6V18C4 19.1 4.9 20 6 20H18C19.1 20 20 19.1 20 18V6C20 4.9 19.1 4 18 4ZM17 13H7V11H17V13ZM13 17H7V15H13V17ZM17 9H7V7H17V9Z\" fill=\"#1DAF95\"><\/path>\r\n                        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portable document format (PDF). 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