This paper investigates how institutional investors matter for asset pricing by using daily institutional trading data and a natural experiment, the split–share structure reform in China. This reform required all listed companies to convert their non-tradable shares to tradable shares after...

This paper develops a dynamic rational expectations general equilibrium framework that links house value to fundamental economic variables such as income growth, demographics, migration and land supply. Our framework is general and can handle non-stationary dynamics as well as structural changes...

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...

China’s traditional culture makes rural women and men take on different family responsibilities. We use the 2014 ‘China Family Panel Studies’ (CFPS) data to empirically study the impact of children care and elderly care on rural married women going out to work, and explore the welfare...

This paper develops a dynamic rational expectations general equilibrium framework that links house value to fundamental economic variables such as income growth, demographics, migration and land supply. Our framework is general and can handle non-stationary dynamics as well as structural changes...