This study mainly explores effects of urbanization factors on hydrograph parameters. Urbanization impacts of the developing watershed are evaluated based on rainfall-runoff simulations. A total of 51 rainfall-runoff events occurred from 1966 to 2002. Forty of these were calibrated, and effects of urbanization factors on runoff hydrographs resulting from a simple hydrological model were assessed. The block Kriging method was used to estimate the mean rainfall of the Wu-Tu watershed, and its hourly excesses were calculated by using the non-linear programming method. The remaining 11 cases were used to test the established relationships. The calibration and verification results confirm that the integral methods used in this study effectively illustrate the hydrological and geomorphic conditions in complex urbanization processes. Parameter n responds more sensitively than parameter k to increasing impervious areas and population densities. Additionally, parameter n responds more strongly to imperviousness than to population. Therefore, an impervious area is an important reference for analyzing hydrological changes of urbanization in the Wu-Tu watershed.

Purpose -The purpose of this paper is to analyze whether a convergent behavior exists in the price indexes of the seven Asian Real Estate Investment Trust (REIT) markets. Design/methodology/approach -The authors investigate the convergent behavior in Asian REIT indexes against Japan and the USA by conducting the unit-root testing procedure. Findings -Results show that the Asian REIT markets are more connected with the US REIT market than with that of Japan. The convergent behavior was more obvious since 2007. Practical implications -The underlying assets of real estate securities in different countries are usually not directly related; hence, there should be segmentation to a certain extent between international REIT markets as well. If the performances of Asian REIT markets are converged, this linkage can be viewed as a contagion effect. Originality/value -The results of this paper indicate that the risk of REITs might be underestimated and the benefit that investors may acquire from adding REITs to their portfolios might be overestimated.

This paper distinguishes between the stationarity and nonstationarity of inflation in 18 OECD countries through several unit root tests with covariates. These covariate tests are more powerful than the conventional ones through correlated covariates. Both unit root and stationarity null hypotheses are tested in this study. Our empirical results indicate that the efficient univariate unit root tests fail to reject the unit‐root hypothesis for 15 countries, whereas the covariate tests provide strong evidence in support of mean reversion in inflation for almost all countries. Overall, the findings unveil new evidence in favor of stationarity in international inflation. Policy implications on the empirical results are provided as well.