A major part of the literature on land use regulations focuses on the residential land market. In this paper, we examine the impact of the minimum price policy on the large, but understudied, industrial land market in China. The minimum price policy aims to reduce wasteful land use in the...

This paper investigates how transportation networks shape firms' geographic footprint byreducing information asymmetry associated with distant investments. Exploiting the staggeredexpansions of China's passenger high-speed rail (HSR) network, we document that the amountof intercity investment...

We study the disguised pollution of industrial firms in China. We find that sulfur dioxide (SO2) readings increase by 15.9% in monitoring stations after sunset in high factory density areas, controlling for station-day and city-hour fixed effects. Physical inspections by the Ministry of...

In this study, we exploit a policy shock that differentially increased capital gains taxes for housing units with holding period less than 5 years, and document tax avoidance and tax evasion in the residential resale market in China. We show suggestive evidence that after the capital gains tax...

In this study, we provide a comprehensive overview of housing affordability in China from both the macro and micro perspectives. We extend the scope of housing affordability analysis to all Chinese cities based on a unique panel dataset in 275 Chinese prefecture cities from 2014 to 2018. We also...

How does a relaxation of migration restrictions affect labor-market outcomes of incumbent migrants? In this paper, we answer this question by studying a significant internal migration policy change in China: the 2014 hukou reform. This reform substantially removed the migration barriers of...

The topic of air pollution has drawn considerable attention globally. In this paper, we examine the immediate effect of air pollution on a substantial decision, that is, a housing purchase. By linking housing purchasing behavior with the air quality in Beijing, we document market participants'...