This paper investigates the dynamics of property prices and their interaction with output growth in a general equilibrium model. Closed form solutions and testable hypotheses are derived from a mildly restricted version of the model. The testable hypotheses are broadly supported empirically. In...

Tariff is probably one of the oldest form of taxation and there is a long history of tariff study. (For instance, see Irwin,1996), McCord (1970), and the reference therein.) Previous studies on tariff tend to ignore its impact on the housing market. Traditionally, the study of housing market and...

The significant price-trading volume correlation found in the residential property market presents a challenge to the rational expectation hypothesis. Existing theories account for this fact with either capital market imperfection (down-payment effect or loss-aversion consideration) or imperfect...

This paper studies the relative volatility of commercial and residential property prices. Empirical evidence of commercial property prices being more volatile than that of residential property is presented. Models are built a la Lucas. Theoretical statements are derived to show the exact...

The efficiency of a market is challenged when price dispersion occurs. Previous studies focused on non-durable consumption goods. This study extends the analysis to the case of residential property, whose transactions are dominated by a second-hand market with many potential buyers and sellers....

Two empirical questions concerning the equity and housing have been studied extensively: (1) Are the price and return serially correlated, and (2) What is the optimal weight of housing in the portfolio? The answer to the second question crucially depends on the cross-correlation of assets. This...

Based on Chinese city-level data from 1999 to 2012 and controlling for geological, environmental, and social diversity, this study suggests that credit plays a significant role in driving up house prices after the Great Recession, whereas property prices only influence bank lending before 2008....

Using Chinese city-level data from 1999 to 2012 and considering geological, environmental, and social diversity, this study suggests that credit plays a significant role in driving up house prices after the Great Recession, whereas property prices only influence bank lending before 2008....

We posit that family firms in China exhibit accounting properties consistent with the prevalence of Type II agency problems. In contrast to the owners of non-family firms, the owners of family firms have more incentives to seek private benefits of control at the expense of minority shareholders...

Tunneling behavior, which is defined as the transfer of assets and profits out of a firm for the benefit of the firms controlling shareholders, has become the focus of increasing attention in the theoretical and empirical literature. There are some corporate governance procedures, however, that...