This paper establishes a general model to explore the mechanism through which bank competition affects real estate market and consumer welfare. The model combines three sections, including a representative consumer, an oligopoly real estate industry, and a banking industry. It predicts that...

Within the context of a transition economy, this paper estimates how improved access to employment centers is capitalized into house price. We conduct an event study for the opening of subway Line 6 in Pudong district, Shanghai, China. The new line significantly reduces the commuting time to...

Using a unique survey data of Chinese households, we study the impact of house price growth and house price risk on entrepreneurship. House price risk, measured as the sensitivity of house price growth to local GDP growth, negatively impacts the entrepreneurship of homeowners relative to...

The government of China started its anti-corruption campaign in December 2012. Since then, more than 600 government officials have been investigated. We regard the investigations involving senior officials as signals of increased political uncertainty. Focusing on these events, we study how...