This paper studies whether (and how) corporate decisions are affected by internal factors (such as the financial conditions of own company) and external factors (such as the actions of local competitors) in an imperfectly competitive environment. We study the listed real estate developers in...

An appraisal by an accredited appraiser is often necessary before a proposed development can receive a commitment for financing from a financial institution. Such pre‐construction appraisals are often more difficult to complete than those where the subject property is already developed and...

This study complements the in-kind transfer and wealth effect literature by investigating the heterogeneous consumption effects of different forms but equivalent size of wealth shocks associated with public subsidy programs in the urban renewal process. We exploit a quasi-experiment on the...

In this paper, we study consumer search in a housing market subject to objective frictions induced by intermediaries and psychological frictions intrinsic to in tenants themselves. Using rental data from a leading real estate brokerage company during 2016 and 2018, we find a unimodal...

This study complements the literature by examining the role of housing in the allocation and performance of household portfolios under uncertainty. Based on comprehensive survey data in urban China, we identify both income uncertainty associated with unemployment and expenditure uncertainty...

This paper investigates the impact of offspring’s uncertainty on intergenerational decisions. We exploit the experiment of the national college entrance examination (NCEE) reform in China, which increases the income uncertainty of households with compulsory education students. Based on...