Classical inventory theory suggests that inventory plays a vital role in matching demand and supply. This paper provides both macro and micro evidence that inventory can be used as a financial instrument to take advantage of arbitrage opportunities in financial markets with limited capital...

High and rising prices in Chinese housing markets have attracted global attention, as well as the interest of the Chinese government and its regulators. Housing markets look very risky based on the stylized facts we document. Price-to-rent ratios in Beijing and seven other large markets across...

We provide the first multi-city, constant quality land price index for 35 major markets in China. While there is meaningful heterogeneity in land price growth across cities, on average the last nine years have seen land values skyrocket in many markets, not just those on or near the coast. The...

Previous research on the United States and Japan finds economically large impacts of changing real estate collateral value on firm investment. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside the real estate industry, we estimate investment...

This paper provides evidence that the formation of global supply chain partnerships predicts significant increases, relative to otherwise similar firms, in cross-border financing. Our findings are detected in all three major financing markets - equities, syndicated loans, and public debt - as...

In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...

Purpose: This paper investigates the influence of channel structures and channel coordination on the supplier, the retailer and the entire supply chain in the context of two different kinds of marketing models: The common retailer and the exclusive shop. Methodology: With suppliers who...