摘要：While public–private partnerships (PPPs) have become an increasingly popular approach in both developed and developing countries, very little is known about whether or not PPPs are more efficient than pure-public or pure-private modes. Building on some recent work studying PPP issues this paper improves the understanding of public–private capital structures, provides some theoretical considerations as well as empirical evidence that private participation affects PPPs cost through the knowledge-transfer effect and the cost-increase effect, and demonstrates a U-shaped relationship between the project costs and private shares. Empirical analysis also finds that the private shares in China's infrastructure PPPs are excessive, and BOT (build, operate, and transfer) projects, compared to other PPP types, are not efficient in China.
宋顺锋、Li Fang和Peng Li合作的论文“China’s Development Policies and Urban Dynamics: An Analysis based on the Zipf Law”发表于国际期刊Urban Studies第54卷12期，2818-2834，2017年。
摘要：Since the establishment of the People’s Republic of China in 1949, China’s urban development policies have experienced dramatic changes, from anti-urbanization before 1978, to anti-large-city-development during 1978–1999 and coordinated urbanization in 2000–2012. Using city-level data from 1949 to 2012, this paper examines China’s development policies and city size distribution. Evidenced by the Zipf coefficient, we found that China’s city sizes became more evenly distributed before 2000, and this pattern was reversed after 2000. These findings suggest that China’s urban system is strongly affected by its shifting urban development strategies.
宋顺锋、Li Fang和Peng Li合作的论文“China’s Urban Development Policies and City Growth: An Analysis based on the Gibrat Law”已经被国际期刊International Review of Economics and Finance正式接受发表。
摘要：This paper links China's urban development policies to its city growth. China has experienced dramatic changes in urban development policies, from restricting (promoting) the growth of large (small) cities during the 1980 s and 1990 s, to relaxed control after 1998 and coordinated 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 tracks these policies. City growth was size-convergent before 2000, but size-independent after 2000. The difference-in-difference analysis confirms that the growth of large cities accelerated after the control relaxation, compared to that of small and medium-sized cities.
倪金兰、Steven Lugauer和Zhichao Yin合作的论文“Chinese Household 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 of family size on household saving. We first study a theoretical life-cycle model that includes finite lifetimes and saving for retirement and in which parents care about the consumption by their dependent children. The model implies a negative relationship between the number of dependent children in the family and the household saving rate. Then, we test the model's implications using new survey data on household finances in China. We use the differential enforcement of the one-child policy across counties to address the possible endogeneity between household saving and fertility decisions in a two-stage least squares Tobit regression. We find that Chinese families with fewer dependent children have significantly higher saving rates. The data yields several additional insights on household saving patterns. Households with college-age children have lower saving rates, and households residing in urban areas have higher saving rates and a lower ratio of education expenditures to income. However, having an additional child reduces saving rates more for households in urban areas than in rural areas. Our regressions also indicate that saving rates vary with age and 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 and Monetary Policies in an R&D-Based Growth Model”已经被国际期刊International Review of Economics and Finance正式接受发表。
摘要：This study compares the growth and welfare implications of patent policy and monetary policy in a Schumpeterian growth model where the market power of firms is subject to patent breadth whereas consumption and R&D investment are subject to cash-in-advance (CIA) constraints, respectively. The main findings are as follows. First, monetary policy is more effective than patent policy and the mix of these policies in terms of stimulating economic growth if initial patent protection in the economy is strong. Second, the welfare difference between patent policy and monetary policy is ambiguous, depending on the levels of predetermined instruments 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 Economic Research (ZEW)的Philipp Boeing博士合作的论文“The Effect of Institutional Ownership 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 institutional investors can act as an important mechanism to promote firm innovation. By investigating Chinese listed firms’ patenting between 2002 and 2011, we find that the presence of institutional investors enhances firm innovation. Consistent with the monitoring view, we further find that: (1) the effect of institutional investors on firm patenting mainly comes from mutual funds; (2) the effect is more pronounced when market competition is more intense; (3) the effect exists among private- and minor state-owned enterprises, but not among major state-owned enterprises. The above findings are robust when innovation quality 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 situation in China that numbers of listed firms diversified into the real estate industry during the recent housing boom period, we find that firms' real estate diversification positively influences their subsequent leverage ratios. Further investigations suggest that such an increase in leverage mainly comes from short-term debt instead of long-term debt. We also find that housing price growth and state ownership are underlying mechanisms through which real estate diversification stimulates leverage. Last, we find that firms with real estate diversification enjoy less financing cost deterioration and less market value deterioration when they raise more debt.
李筱璐和Yang Tang合作的论文“When Natives Meet 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 inexpensive public housing to citizens and residents, whereas foreigners are only allowed to purchase relatively scarce and expensive private housing. Undoubtedly, the growth in native (foreign) population size will directly contribute to higher public (private) housing price, and indirectly induce higher private (public) housing price via general equilibrium effects. In this paper, we propose a dynamic general equilibrium framework to quantitatively evaluate the magnitude of each impact. We calibrate the model into the Singapore economy between 1993 and 2015. The model accounts for about 85.7 percent of private housing price growth and 46.2 percent of public housing growth in the data. The decomposition exercises suggest that native population growth can generate about 67.0 percent of private housing price growth, while the growth of the foreign population can generate about 7.05 percent of public housing price growth.
李筱璐、Wen-tai Hsu、Yang Tang和Jing Wu合作的论文“Determinants of 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 political factors for their potential effects on urban land supply in China: corruption, and competition for promotion. We find that standard urbaneconomic predictions hold in the sense that both population and income increases are strongly significant determinants for the increase in urban land supply. Conditional on these demand-side factors, we find that the usage of two-stage auctions (as a proxy for corruption) is highly correlated with the increase in land supply. The corruption effects are strongest for commercial land, followed by residential land and then industrial land. To shed light on the competition motives among prefectural leaders, we examine how the number of years in office affects land supply, and distinguish among different hypotheses. Our empirical results show robust rising trends in land sales (both in quantity and revenue). These results are consistent with the hypothesis that the impatience and anxiety in later years from not being promoted may contribute to the increase in land sales revenue in later years; they are inconsistent with the hypothesis that prefectural leaders may give up and become more corrupt in later years. We also find that prefectural leaders may aim for larger land sales revenue overall in the first few (around 5) years in office instead of larger revenue in the first couple years.
黃娜群、Jing Li and Amanda Ross 合作的论文”The impact of the cost of car ownership on the house price gradient in Singapore已经被国际期刊Regional Science and Urban Economics正式接受发表。
摘要：This paper examines the extent to which a change in the cost of car ownership affects the house price gradient with respect to distance from the central business district (CBD). Theory suggests that if the cost of owning a car increases, people will use other modes of transportation, thus reducing house prices farther away from the CBD and increasing house prices closer to the city center. However, in an empirical setting, the cost of car ownership is likely to be endogenous and correlated with various unobserved factors that also contribute to changes in the house price gradient. To obtain causal effects, we exploit a unique feature of Singapore's car registration process. All cars in Singapore must have a Certificate of Entitlement (COE), but the number available is restricted based on the traffic concerns of the government and are allocated through a competitive bidding process. We use the number of COEs available each quarter as an instrument for the price of a COE, as the quota is likely to be correlated with the price of the COE but not the price of housing at various distances from the CBD. We find that when the price of a COE increases, the price of housing closer to the city center increases, suggesting that increases in the price of a car cause individuals to increase their willingness to pay to locate closer to the CBD.
万茜、P.M.Picardand A.Tampieri 合作的论文”Airport capacity and inefficiency in slot allocation已经被国际期刊International Journal of Industrial Organization正式接受发表。
摘要：This paper studies the time slot allocation of flight departures when travelers have a preference for departing on peak times and the number of available peak-time slots is constrained by airport capacities. We show that, compared to public airports, private airports may restrain their supply of peak slots strictly below their capacity levels when they serve airlines that compete to the same destinations. Such an inefficiency takes place in airports that have low per-passenger charges and are not too busy. It does not occur in the absence of competition in destination markets.
李天舒、Sheetal Sekhri合作的论文” The Spillovers of Employment Guarantee Programs on Child Labor and Education已经被国际期刊The World Bank Economic Review正式接受发表。
摘要： Many developing countries use employment guarantee programs to combat poverty. We examine the consequences of such employment guarantee programs for the human capital accumulation of children. We exploit the phased roll-out of India's flagship Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA) to study the effects on enrollment in schools and child labor. Introduction of MGNREGA results in lower relative school enrollment in treated districts. We find that the drop in enrollment is driven by primary school children. Children in higher grades are just as likely to attend school under MGNREGA, but their school performance deteriorates. Using nationally representative employment data, we find evidence indicating an increase in child labor highlighting the unintentional perverse effects of the employment guarantee schemes for Human capital.
徐旻鸿、and Yilan Xu 合作的论文“Environmental Hazards and Mortgage Credit Risk: Evidence from Texas Pipeline Incidents.” 已经被国际期刊Real Estate Economics正式接受发表。
摘要：This study examines the effects of pipeline hazards on credit risk using evidence from the 2005-2011 home mortgage loans in Texas. Difference-in-difference analyses show a permanently lower origination rate by 1.9% in the pipeline-present areas compared to the pipeline-free areas, which was further enlarged by 1.8% whenever pipeline incidents happened. Evidence suggests that the permanent difference in credit access reflects lenders’ concerns about collateral value and borrowers’ repayment ability. The elevated post-incident risk perceptions indicate lenders’ aversion to environmental liabilities. Lenders’ risk management strategies differed by borrowers’ income and evolved with the tightening of the securitization market.
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