We study spatial inequality in access to local public services between low-income and high-income households in Chinese cities. We examine the extent to which such inequality is exacerbated by residential sorting with respect to household income that makes neighborhoods with better access to...

Using Jones (2014) generalized human capital accounting, we extend the urban accounting model of Desmet and Rossi-Hansberg (2013) to account for the geographic distribution of skills across US metropolitan areas. The methodology allows the productivity of high-skill workers to depend on location...

Using Jones (2014) generalized human capital accounting, we extend the urban accounting model of Desmet and Rossi-Hansberg (2013) to account for the geographic distribution of skills across US metropolitan areas. The methodology allows the productivity of high-skill workers to depend on location...

We study spatial inequality in access to local public services between low-income and high-income households in Chinese cities. We examine the extent to which such inequality is exacerbated by residential sorting with respect to household income that makes neighborhoods with better access to...

This paper investigates the role of speculators in the housing market, specifically their contribution to price overreaction through positive feedback trading (or momentum trading). We exploit a unique dataset of condominium transactions in a residential real estate market where transaction...

We estimate a skill-based directional migration model to assess the effects of regional human capital agglomeration on labor migration in China. Upon accounting for regional differentials in skill-based compensation, cost-of-living, amenities, and the like, model estimates indicate the...

This paper examines the impact of a policy change in Tobin's tax on housing market speculators. The policy intervention effectively raised the transaction cost in the market segment with a high presence of speculators. Relative to the unaffected control sample, we find that the rise in...

We advance the real-option-based empirical analysis of commercial real estate investment in three respects. First, we test several real option implications for real estate construction that have not been examined in the commercial real estate investment literature. In particular, we show that...

This paper develops a methodology to identify asset price response to news in the framework of Campbell-Shiller log-linear present-value equation. We show that slow price adjustment not only induces high serial auto correlation in real estate excess returns, but also dampens their volatility and...

This study applies unique data from the 1990s period of economic liberalization in China to evaluate the effects of human capital spillovers on urbanization and regional agglomeration of human capital. We examine these effects via a utility maximizing directional migration model, which accounts...