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近期研究发表

宋顺锋、Zhongqi DengYongjun Chen合作的论文PrivateParticipation in Infrastructure Project and Its Impact on the Project Cost发表于国际期刊China Economic Review39卷,63-762016年。

摘要While public–private partnerships(PPPs) have become an increasingly popular approach in both developed anddeveloping countries, very little is known about whether or not PPPs are moreefficient than pure-public or pure-private modes. Building on some recent workstudying PPP issues this paper improves the understanding of public–privatecapital structures, provides some theoretical considerations as well asempirical evidence that private participation affects PPPs cost through theknowledge-transfer effect and the cost-increase effect, and demonstrates aU-shaped relationship between the project costs and private shares. Empiricalanalysis also finds that the private shares in China's infrastructure PPPs areexcessive, and BOT (build, operate, and transfer) projects, compared to otherPPP types, are not efficient in China.

宋顺锋、Li FangPeng Li合作的论文“China’s DevelopmentPolicies and Urban Dynamics: An Analysis based on the Zipf Law”发表于国际期刊Urban Studies54122818-28342017年。

摘要Since the establishment of thePeople’s Republic of China in 1949, China’s urban development policies haveexperienced dramatic changes, from anti-urbanization before 1978, toanti-large-city-development during 1978–1999 and coordinated urbanization in2000–2012. Using city-level data from 1949 to 2012, this paper examines China’sdevelopment policies and city size distribution. Evidenced by the Zipfcoefficient, we found that China’s city sizes became more evenly distributedbefore 2000, and this pattern was reversed after 2000. These findings suggestthat China’s urban system is strongly affected by its shifting urbandevelopment strategies.

宋顺锋、Li FangPeng Li合作的论文“China’s UrbanDevelopment Policies and City Growth: An Analysis based on the Gibrat Law”已经被国际期刊International Review of Economicsand Finance正式接受发表。

摘要This paper links China's urbandevelopment policies to its city growth. China has experienced dramatic changesin urban development policies, from restricting (promoting) the growth of large(small) cities during the 1980 s and 1990 s, to relaxed control after 1998 andcoordinated urbanization since 2001. Using city-level data from 1985 to 2012,via the Gibrat's law, this paper finds that city growth in China closely tracksthese policies. City growth was size-convergent before 2000, butsize-independent after 2000. The difference-in-difference analysis confirmsthat the growth of large cities accelerated after the control relaxation,compared to that of small and medium-sized cities.

倪金兰、Steven LugauerZhichao Yin合作的论文ChineseHousehold Saving and Dependent Children: Theory and Evidence”已经被国际期刊China Economic Review正式接受发表。

摘要This paper examines the impact offamily size on household saving. We first study a theoretical life-cycle modelthat includes finite lifetimes and saving for retirement and in which parentscare about the consumption by their dependent children. The model implies anegative relationship between the number of dependent children in the familyand the household saving rate. Then, we test the model's implications using newsurvey data on household finances in China. We use the differential enforcementof the one-child policy across counties to address the possible endogeneitybetween household saving and fertility decisions in a two-stage least squaresTobit regression. We find that Chinese families with fewer dependent children havesignificantly higher saving rates. The data yields several additional insightson household saving patterns. Households with college-age children have lowersaving rates, and households residing in urban areas have higher saving ratesand a lower ratio of education expenditures to income. However, having anadditional child reduces saving rates more for households in urban areas thanin rural areas. Our regressions also indicate that saving rates vary with ageand tend to be higher for households with more workers, higher education,better health, and more assets.

黃千祐,Yibai Yang and Chu-Chuan Cheng 合作的论文A Welfare Analysis of Patent andMonetary Policies in an R&D-Based Growth Model”已经被国际期刊International Review of Economicsand Finance正式接受发表。

摘要This study compares the growth andwelfare implications of patent policy and monetary policy in a Schumpeteriangrowth model where the market power of firms is subject to patent breadthwhereas consumption and R&D investment are subject to cash-in-advance (CIA)constraints, respectively. The main findings are as follows. First, monetarypolicy is more effective than patent policy and the mix of these policies interms of stimulating economic growth if initial patent protection in theeconomy is strong. Second, the welfare difference between patent policy andmonetary policy is ambiguous, depending on the levels of predeterminedinstruments under these policies. However, these policy regimes are (weakly)dominated by their combination in terms of raising social welfare.

荣昭、西南财经大学博士生武小凯和Centre for European EconomicResearch (ZEW)Philipp Boeing博士合作的论文The Effect of InstitutionalOwnership on Firm Innovation: Evidence from Chinese Listed Firms”已经被国际期刊Research Policy正式接受发表。

摘要Monitoring by institutionalinvestors can act as an important mechanism to promote firm innovation. Byinvestigating Chinese listed firms’ patenting between 2002 and 2011, we findthat the presence of institutional investors enhances firm innovation.Consistent with the monitoring view, we further find that: (1) the effect ofinstitutional investors on firm patenting mainly comes from mutual funds; (2)the effect is more pronounced when market competition is more intense; (3) theeffect exists among private- and minor state-owned enterprises, but not amongmajor state-owned enterprises. The above findings are robust when innovationquality is examined.

荣昭和西南财经大学博士生黄佳琳合作的论文Housing Boom,Real Estate Diversification, and Capital Structure: Evidence from China”已经被国际期刊Emerging Market Review正式接受发表。

摘要By exploiting the unique situationin China that numbers of listed firms diversified into the real estate industryduring the recent housing boom period, we find that firms' real estatediversification positively influences their subsequent leverage ratios. Furtherinvestigations suggest that such an increase in leverage mainly comes fromshort-term debt instead of long-term debt. We also find that housing pricegrowth and state ownership are underlying mechanisms through which real estatediversification stimulates leverage. Last, we find that firms with real estatediversification enjoy less financing cost deterioration and less market valuedeterioration when they raise more debt.

李筱璐和Yang Tang合作的论文When NativesMeet Immigrants in Public and Private Housing Markets”已经被国际期刊Journal of Housing Economics正式接受发表。

摘要Many countries provide inexpensivepublic housing to citizens and residents, whereas foreigners are only allowedto purchase relatively scarce and expensive private housing. Undoubtedly, thegrowth in native (foreign) population size will directly contribute to higherpublic (private) housing price, and indirectly induce higher private (public)housing price via general equilibrium effects. In this paper, we propose adynamic general equilibrium framework to quantitatively evaluate the magnitudeof each impact. We calibrate the model into the Singapore economy between 1993and 2015. The model accounts for about 85.7 percent of private housing pricegrowth and 46.2 percent of public housing growth in the data. The decompositionexercises suggest that native population growth can generate about 67.0 percentof private housing price growth, while the growth of the foreign population cangenerate about 7.05 percent of public housing price growth.

李筱璐、Wen-tai HsuYang TangJing Wu合作的论文Determinantsof Urban Land Supplies in China: Do Political Factors Matter?”已经被国际期刊Asian Development Review正式接受发表。

摘要This paper explores two politicalfactors for their potential effects on urban land supply in China: corruption,and competition for promotion. We find that standard urbaneconomic predictionshold in the sense that both population and income increases are stronglysignificant determinants for the increase in urban land supply. Conditional onthese demand-side factors, we find that the usage of two-stage auctions (as aproxy for corruption) is highly correlated with the increase in land supply.The corruption effects are strongest for commercial land, followed byresidential land and then industrial land. To shed light on the competitionmotives among prefectural leaders, we examine how the number of years in officeaffects land supply, and distinguish among different hypotheses. Our empiricalresults show robust rising trends in land sales (both in quantity and revenue).These results are consistent with the hypothesis that the impatience andanxiety in later years from not being promoted may contribute to the increasein land sales revenue in later years; they are inconsistent with the hypothesisthat prefectural leaders may give up and become more corrupt in later years. Wealso find that prefectural leaders may aim for larger land sales revenueoverall in the first few (around 5) years in office instead of larger revenuein the first couple years.

黃娜群Jing Li and Amanda Ross 合作的论文”The impact ofthe cost of car ownership on the house price gradient in Singapore'已经被国际期刊Regional Science and UrbanEconomics正式接受发表。

摘要This paper examines the extent towhich a change in the cost of car ownership affects the house price gradientwith respect to distance from the central business district (CBD). Theorysuggests that if the cost of owning a car increases, people will use othermodes of transportation, thus reducing house prices farther away from the CBDand increasing house prices closer to the city center. However, in an empiricalsetting, the cost of car ownership is likely to be endogenous and correlatedwith various unobserved factors that also contribute to changes in the houseprice gradient. To obtain causal effects, we exploit a unique feature ofSingapore's car registration process. All cars in Singapore must have aCertificate of Entitlement (COE), but the number available is restricted basedon the traffic concerns of the government and are allocated through acompetitive bidding process. We use the number of COEs available each quarteras an instrument for the price of a COE, as the quota is likely to becorrelated with the price of the COE but not the price of housing at variousdistances from the CBD. We find that when the price of a COE increases, theprice of housing closer to the city center increases, suggesting that increasesin the price of a car cause individuals to increase their willingness to pay tolocate closer to the CBD.

万茜P.M.Picardand A.Tampieri 合作的论文”Airportcapacity and inefficiency in slot allocation'已经被国际期刊International Journal of IndustrialOrganization正式接受发表。

摘要This paper studies the time slotallocation of flight departures when travelers have a preference for departingon peak times and the number of available peak-time slots is constrained byairport capacities. We show that, compared to public airports, private airportsmay restrain their supply of peak slots strictly below their capacity levelswhen they serve airlines that compete to the same destinations. Such aninefficiency takes place in airports that have low per-passenger charges andare not too busy. It does not occur in the absence of competition indestination markets.

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