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普通文章No.332 Non-performing Loans in Housing Bubbles
普通文章No.331 Senior Lender Control Rights and Cost of Debt
普通文章No.330 Spillover Effects in Executive Compensation
普通文章No.329 Dynamic Coordination and Intervention Policy
普通文章No.328 What Moves Aggregate Investment (and Net Hiring): Investor Sentiment or Time-Varying Equity Premium?
普通文章No.327 Corruption Culture and Corporate Misconduct
普通文章人民币汇率形成机制改革的回顾与展望
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No.252 The real impact of real estate shocks – evidence from a natural experiment
发布时间:2014-11-17 来源:本站原创  


本周五(11/21学术讲座通知:

 

时间11月21日,周五, 10:00am-11:30am

 

主讲人:Laura Liu, HKUST

 

演讲题目:The real impact of real estate shocks – evidence from a natural experiment

 

讲座语言:English

 

地点:同德楼111(武东路100号)

 

Abstract

Using the “housing purchase restriction” policies enforced in 46 cities in China as exogenous demand shocks, we investigate how they affect the land auction prices and the land-holding companies’ investment and financing behaviors. Using a DID test, we find that the policies cause the land auction prices in the affected cities to fall and they further reduce the borrowing and the investment of the firms which hold lands in these cities. We further show that the reduced investment in fact improves investment efficiency. The evidence also holds in periods with real estate prices rise and under IV approach. The results are consistent with the argument that the rising real estate prices enlarges the financial constrain gaps between firms with land and firms without land, which cause resource misallocation due to the crowding out effects.

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