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This paper aims to test the predictability of the three asset classes, namely direct property, bond and property stocks in Singapore.

Using the generalized method of moment (GMM) estimation methodology, the authors first estimate the excess returns of assets on five instrumental variables and a constant term. Next the common risk factors are tested in three parts involving different portfolio of sample assets.

The empirical results shows that there are at most three common risk factors that can be used to predict the excess returns of six asset classes, that include four direct property assets, bonds and property stocks. The results also indicate that there are separate common risk premia that are priced in property stock and direct property markets, which indirectly reject the hypothesis that the two property markets are integrated.

The empirical results that reject the market integration between property and property stock markets imply that there are significant diversification benefits for holding both assets in investors' portfolios. The two property assets capture different risk premia in the markets.

The GMM specifications that include five instrumental variables may not fully capture all risk information. Omission of other variables is, however, traded‐off against the parsimony of the model specification. More independent variables could be included in the future studies, and more asset classes could also be added to the tests.

The study provides alternative evidence to the test of market integration between property and property stocks in Singapore. It also verifies the earlier study in the USA that property and stock market effects could be separately priced by the market.

This paper aims to address how adding food ingredients to a packaged base food affects consumers’ calorie estimation of the new augmented product.

The four performed experiments and analyses of variance demonstrate an underlying psychological mechanism, explained below.

Results show that the healthiness of the added food ingredient (AFI) does not matter if the base food is healthy, and consumers’ calorie estimates of the augmented packaged food product are accurate. When, however, the food base is unhealthy, and the AFI is healthy, consumers underestimate the new product calories. This underestimation effect increases further when the healthy ingredients multiply. This underestimation effect endures when these ingredients are presented in a visual form, but it becomes smaller when these ingredients are presented in a verbal form. A justification mechanism is relevant.

Further research should test across the broader range of the food product matrix. There is a great diversity of AFI presentations, and further research may deal with the impact of AFIs of these different forms on consumers’ calorie estimation and healthiness perceptions. Research may also test sensory-arousing mechanisms that can help understand how consumers perceive the calories of the augmented food.

The findings suggest that consumers should be cautious of the judgment bias caused by the presence of an AFI on food packages and raise their awareness regarding nutrition implications and dietary effects. From the perspective of food manufacturers, although adding healthy AFIs to unhealthy base foods may increase consumers’ purchase intention and bring higher profits, it may not be sustainable as a marketing strategy in the long term and has immediate ethical implications.

Policymakers should introduce voluntary schemes to monitor and restrict the improper presentation of AFIs, aiming to rule out the abuse of healthy AFIs on unhealthy packaged food.

This work offers three major original and valuable contributions. It explains the effects of AFIs on calorie estimation and consumer healthiness perceptions in a context not studied before, namely, packaged food products. Next, it advances the literature on consumer judgment error and heuristics concerning product package attributes. As adding ingredients is integral to product line extension decisions, the results also clarify how marketing can safeguard firm social responsibility in combating obesity.