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...

The Public Institution Reform of China in 2011 effectively downsized public institutions, which is an important component of the public sector. Using this reform as a quasi-natural experiment, this paper studies the impact of public sector downsizing on private firm profits.With the instrument...

With unique datasets, this paper studies the externalities of bike sharing by examining house prices. We find that, for neighborhoods that are relatively far from subway stations, house prices increase with the usage intensity of shared bikes. This indicates a positive externality of bike...

With unique house transaction data, we study the distributional effect of high-speed rail (HSR) by examining the house price premium of industrial parks in two important core-periphery pairs of China. For “Shanghai-Suzhou” pair, the premium of manufacturing industrial parks grows in the...