We use the reclassification of the real estate stocks in the S&P 500 from the Financials sector as a natural experiment to test the co-existence of both market force and behavioural biases. By performing event studies on REITs included in S&P 400, S&P 500, and S&P 600 indices on both the...

Abstract: The non-agricultural employment transfer of the rural labor force has fundamentally changed the labor input in China in recent decades. A good understanding of how the off-farm employment of rural laborers affects agricultural land use in China is needed. We use the Driscoll and Kraay...

Properties near public transportation systems are usually sold at a premium towing to firms' and people's willingness to pay for access to workplace and leisure. However, the economic impacts of major infrastructure investments remains an empirical question plagued by identification issues. We...

This research analyses the effect of public transport accessibility on the prices of flats in Hong Kong. In order to correctly identify the impact of transport convenience, we estimate regression models by regions in bear and bull markets separately. In addition, we consider the standard pricing...

Based on prospect theory, we develop a theoretical framework to unify divided views on land reallocation reform in China. Our theoretical framework and empirical verification explain the driving forces behind the success of the rural land reallocation reform in China. We find that rural land...

Housing market is highly heterogeneous and is most accurately represented as a collection of distinct yet related submarkets. In this paper, a flexible semiparametric model is developed to model housing submarkets. The k Nearest Neighbor estimates of hedonic price coefficients, varying both...

As an alternative carbon pricing tool to carbon taxes, carbon emission trading systems (ETS) combine market incentives with policy targets. Inevitably, ETS markets are linked to domestic and international political environment. Yet, there is a lack of research on the relationship between...

This paper investigates the relationship between the three forms of social capital, i.e., social norms, social network, and trust, on the effectiveness of land use policies. Both long-term and short-term policy outcomes are considered in the proposed analytical framework. Benefiting from a...

The rapid growth of China’s economy since the reform in 1978 should be largely attributed to urbanization. Nonetheless, in terms of farmland productivity, urbanization may lead to perverse incentives and thus threaten food security. On the one hand, the requisition–compensation balance of...