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As required by the FSIT, only properties with three repeat sales were selected so that a forward-spot pair and a spot-spot pair could be formed for the same individual property.
Table 2 contains the results generated from the validation of the improved FSIT. The signs of all the coefficients attached to the explanatory variables were generated as expected.
The improved FSIT Model was used to compare the pricing behaviors between presales (forward-spot pair-sales) and spot-sales (spotspot pair-sales) of the same set of properties and the results showed that a wealth transfer was embedded in the presales but not in the spot sales.
As such, a lower value should be obtained from the intercept generated from equation (6), [[gamma].sub.1]1 , compared to that of the improved FSIT Model, [[beta].sub.1] , outlined in equation (5), indicating the amount of wealth transferred from the presale property buyers to the developers.
The results of the OLS estimates on the forward-spot pair sales only equation (6) compared to that of the improved FSIT Model equation (5) on the same set of properties are contained in Table 3.
By adapting the forward-spot index tracking (FSIT) model using a log-linear structure built by Leung et al.
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