The Effects of Infrastructure Projects on House Prices and Rents:Evidence from the HS2 Extension Cancellation in the UK

This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property values near the HS2 station and proposed construction site before and after the announcement.Results show a 3.6%decrease in house prices and a 3.9%decline in rents near the station,while properties near the construction site experienced a 2.4%increase in prices and a 2.1%rise in rents.This is the first paper to analyse the HS2 cancellation effect using panel data methods.

Understanding the Relationship Between Shrinking Cities and Land Prices:Spatial Pattern,Effectiveness,and Policy Implications

Urban shrinkage has emerged as a widespread phenomenon globally and has a significant impact on land,particularly in terms of land use and price.This study focuses on 2851 county-level cities in China in 2005–2018(excluding Hong Kong,Macao,Taiwan,and‘no data’areas in Qinhai-Tibet Plateau)as the fundamental units of analysis.By employing nighttime light(NTL)data to identify shrinking cities,the propensity score matching(PSM)model was used to quantitatively examine the impact of shrinking cities on land prices,and evaluate the magnitude of this influence.The findings demonstrate the following:1)there were 613 shrinking cities in China,with moderate shrinkage being the most prevalent and severe shrinkage being the least.2)Regional disparities are evident in the spatial distribution of shrinking cities,especially in areas with diverse terrain.3)The spatial pattern of land price exhibits a significant correlated to the economic and administrative levels.4)Shrinking cities significantly negatively impact on the overall land price(ATT=–0.1241,P<0.05).However,the extent of the effect varies significantly among different spatial regions.This study contributes novel insights into the investigation of land prices and shrinking cities,ultimately serving as a foundation for government efforts to promote the sustainable development of urban areas.

Welfare effects of rural-urban land conversion on different aged land-lost farmers:exemplified in Wuhan city

Rural-urban land conversion is a universal phenomenon in the rapid process of economic development and urban growth.The welfare of farmers who lost their farmland attracted a widespread concern within the society and academia.However,further research about differentiated policies according to the characteristics of different farmer groups is still need to be conducted.This article divides the land-lost farmers into three age groups:younger than 45,45-65,and more than 65.It proposes a welfare index system including eight functional areas based on different age groups of affected farmers,taking four districts of Wuhan City as case study area.Fuzzy mathematics method is used to derive the aggregated welfare effect index.Our analysis show that the overall welfare levels of land-lost farmers of all age groups declined,but with a varying degree,with the level of welfare in those farmers who are 45-65 years old,younger than 45 years old,and older than 65 years old decreased by 18.7%,16.6%,and 12.7%,respectively.The direction and degree of effects on the functional activity index varies among different groups.Economic conditions,living environment,health,and social participation of all age groups decrease while social security and housing conditions increase.On the other hand,development opportunities,social communication,and leisure have different changing directions in different age stages.These results call for differentiated and tailor-made compensation policies for land-lost farmers,towards improving the welfare levels of all farmers and reduce the disparity among them.

Evaluation and welfare effect of coordinated ecological development of the Beijing-Tianjin-Hebei region

Regional coordinated ecological development is a new form of regional coordinated development that aims to construct an ecological civilization in the“new normal”period.The coordinated ecological development of the Beijing-Tianjin-Hebei(BTH)region is especially significant because this region is leading the overall coordinated development and reform in China.Based on complex system theory,synergetics,and the ecological civilization and green development ideas of the“new normal”period,we constructed a regional ecological synergy measurement model that scientifically evaluates the dynamic evolution of the BTH ecological synergy level from 2006 to 2018.Using an econometric model,we also analyzed the welfare effect and the regional heterogeneity of ecological synergy in regional development.First,it was found that in general,the degree of ecological synergy in BTH increased yearly up to 2018 with a strong development trend.The speed of ecological synergy in the Tianjin-Hebei and Beijing-Hebei subsystems was accelerating during that period,but the development potential of the ecological synergy in Beijing-Tianjin was insufficient and slow-growing.Second,whereas Beijing had entered the stage of moderate coordinated ecological development,Tianjin and Hebei remained in the low level of coordinated development;moreover,the coordinated development was unstable.The uneven development of the internal subsystems in BTH restricted the development of the cooperative effect and the overall development of the region.Third,improving the degree of ecological synergy significantly benefited the social and economic welfare in BTH.Finally,the welfare effect of the degree of ecological synergy showed a significant regional heterogeneity,being significantly higher in Tianjin and Hebei than in Beijing.This result indicates that improving the ecological synergy can narrow the development gaps between Tianjin,Hebei,and Beijing.To further improve the level of regional ecological synergy,we should innovate the coordinated model of regional development,implement the collaborative ecological development model,generate new growth drivers for the green development of BTH based on a reasonable division of labor,difference positioning,and active integration,create a soft environment for an innovation ecosystem that promotes regional ecological synergy,and build a regional innovation ecosystem led by Beijing and Xiongan.Next,we should establish a balanced regional-interest mechanism with ecological environmental protection that supports regional green and high-quality development.

Analysis of Volatility Spillover Effect of Soybean Price between Domestic and International Markets

Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.

Do the RMB exchange rate and global commodity prices have asymmetric or symmetric effects on China’s stock prices?

With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.

Dynamic Pricing with Stochastic Reference Price Effect

We study a dynamic pricing problem of a firm facing stochastic reference price effect.Randomness is incorporated in the formation of reference prices to capture either consumers’heterogeneity or exogenous factors that affect consumers’memory processes.We apply the stochastic optimal control theory to the problem and derive an explicit expression for the optimal pricing strategy.The explicit expression allows us to obtain the distribution of the steady-state reference price.We compare the expected steadystate reference price to the steady-state reference price in a model with deterministic reference price effect,and we find that the former one is always higher.Our numerical study shows that the two steady-state reference prices can have opposite sensitivity to the problem parameters and the relative difference between the two can be very significant.

Industrial transmission effect of international metal price shocks in perspective of industry chain

Based on a new perspective of industry chain and selecting monthly data from February2006to December2015,this paper chooses eight Chinese industrial sectors to construct a SVAR model reflecting internal relationships among metal chains,analyzes the direct effects and indirect effects of international metal prices on output of various links in metal chains,then it investigates the main transmission path of international metal price shocks through decomposing the inflation pressure sources in metal chains.The results show that international metal price shocks not only affect industrial output in a direct way,but also indirectly affect the growth of output through the increased pressure on industrial inflation and then triggering a tightening of monetary policy implementation.Affected by factors such as the lack of market demand and the price transmission mechanism blocking,the direct effects of international metal price shocks mainly impact the upstream and midstream industry,while the downstream industry is mainly affected by indirect effects;in addition,the international metal price shocks have spillover effects on the industrial inflation,and transmit along the industry chain from upstream to downstream,and their strength weakens in sequence.

Comparative Analysis of the Effects of False Low-Price Marketing Strategy on Multiple Platforms

In order to make full use of the characteristics of commodity prices,merchants on e-commerce platforms have adopted the low-price marketing strategy.Regular promotional discounts can bring new vitality to the commodity sales market,but extreme discount marketing methods would lead to serious impacts on the sales of competing products,thus affecting the stable development of the online shopping market.The sales data of four electrical products using the false low-price marketing strategy on three e-commerce platforms(Taobao,JD,and Amazon)were used in this study.The sales data from different e-commerce platforms and different time periods were analyzed,and one-way ANOVA was used on the factors affecting the effect of marketing strategy.The results showed that there is a significant difference between the direct marketing of high-priced products and low-priced products on Taobao;the difference between the marketing effects of high-priced products and mid-priced products on JD and Amazon is significant.This analysis would help businesses formulate reasonable marketing strategies and promote the stable development of the online shopping market.

Fama-French-factor model,size and book-to-market effect:An empirical investigation of the Chinese stock market

In this study, we use Chinese A-share stock market data from 1995 to 2005 to test the persistence of the size and valueeffect and the robustness of the Fama-French three-factor model in explaining the variation in stock returns.Wefind that the three-factor model can explain the common variation in stock returns well.However, it is mis-specifiedfor the Chinese stock market.We demonstrate that the size effect and the book-to-market effect are significant andpersistent over our sample period.Interestingly, the book-to-market effect for China is much stronger than the averageones in mature markets and other emerging markets documented by Fama and French (1998).Moreover, we find noevidence to support the argument that seasonal effects can explain the results of the multifactor model.Last, our mixedobservations on firm-specific fundamentals suggest that the risk-based explanation proposed by Fama and French(1995) cannot shed light on the size and BM effect for China.In view of the features of the Chinese stock market, weinstead argue that China’s size and book-to-market effect may be attributed to syndicate speculators’ manipulation andmispricing caused by irrational investor behavior.

Taxing sugar-sweetened beverages in China:By volume or sugar content? A consumer welfare approach

Using scanner data on the consumption of packaged liquid beverages by Chinese urban households,we estimated the price elasticity of various beverages and compared the effects of volume-based versus sugar-content-based taxation strategies on consumer welfare.Compared to the volume-based tax,the sugar-content-based beverage tax was predicted to cost less in compensating variation under the same amount of sugar reduced,indicating that taxation based on sugar content may be more efficient in preserving consumer welfare.Further comparison across different socioeconomic groups reveals that,given current beverage consumption status in China,the efficiency advantage of the sugar-content-based taxation strategy is more pronounced than that of the volume-based taxation.Our conclusions can provide insights for the food industry and the government to reduce the sugar content in beverages.

The Economic Effect of the Housing Refurbishment in Urban Regeneration

With the increasing ratio of self-owned housing, the demand for new building as gradually reduced. In other words, the demand of refurbishment becomes more urgent. The major objective of this paper is to explore and investigate the consumer behavior of housing renovation. We plan to explore the direct effects of housing refurbishment or restoration on the housing prices, and then the indirect effects of an externality spilled over to the neighbor. We will understand the overall effects to provide a preliminary estimate of the changing in the economic value resulting from the change in the housing refurbishment or restoration of buildings. This research also dig into how the effects in the housing refurbishment or restoration in Taipei city ＆ Kaohsiung city. The purpose is to investigate the driving force on the housing restoration. This study will be the empirical study on the economic values by using hedonic price model. The result will be useful on the decision-making on the urban regeneration by the way of housing restoration and suggests that property owners of a housing estate will benefit from participating on refurbishment in Taiwan.

Study of Ways to Improve Effectiveness of The Supply Chains

As for ways to improve the effectiveness of supply chains,this essay focus on 2 parts that involved in the process of logistic and supply chains and analyses ways to make them better preformed.The first one is Home Depot,the other is the Study of Radio-Frequency Identification.

Spillover of international crude oil prices on China's refined oil wholesale prices and price forecasting:Daily-frequency data of private enterprises and local refineries

Compared with retail prices of state-owned companies used in almost all existing studies,China’s refined oil wholesale prices of private enterprises and local refineries are more affected by the market and better reflect the real supply-demand situation.For the first time,this paper applies own-monitored dailyfrequency wholesale prices of China’s private enterprises and local refineries during 2013-2020 to derive spillover effects of international crude oil prices on China’s refined oil prices through the VAR-BEKKGARCH(vector autoregression-Baba,Engle,Kraft,and Kroner-generalized autoregressive conditional heteroscedasticity)model,and then tries to forecast wholesale prices through the PCA-BP(principal component analysis-back propagation)neural network model.Results show that international crude oil prices have significant mean spillover and volatility spillover effects on China’s refined oil wholesale prices.Changes in crude oil prices are the Granger cause of changes in refined oil wholesale prices.With the improvement of China’s oil-pricing mechanism in 2016,the volatility spillover from the international crude oil market to China’s refined oil market gradually increases,and the BRENT price variation has an increasing impact on the refined oil wholesale price variation.The PCA-BP model could serve as a candidate tool for forecasting China’s refined oil wholesale prices.

Factors Influencing Price of Agricultural Products and Stability Countermeasures

Factors leading to rise of prices of agricultural products mainly include tension of supply-demand relationship,promotion of production cost and circulation cost,and speculation of Refugee Capital(Hot Money).Factors leading to low price and difficult sales of agricultural products mainly include asymmetry of supply-demand information,lack of risk management tools for prices of agricultural products and decentralized and small-scaled operation of farmers.On the basis of these factors,this paper presents following countermeasures and suggestions for stabilizing prices of agricultural products:firstly,building long-effect mechanism for production and sales of agricultural products;secondly,expand the production and increase supply of agricultural products;thirdly,control the rising range of production cost for agricultural products;fourthly,enhance organization level of farmers;fifthly,promote innovation and development of risk management tools for prices of agricultural products.

Price Discovery Function of Agricultural Futures Market in China--Based on VECM-PT-IS and DCC-MGARCH-t models

Agricultural futures market plays an important role in financial system,and its function of price discovery and hedging is of great significance to the long-term price stability for agricultural products.However,in China,agricultural futures market is still in construction stage,and scholars have not fully studied its price discovery function.Hence,this study will investigate the price discovery function of China agricultural futures market.The causal relationship,price contribution degree and volatility spillover effect of futures and spot markets are studied by comparing the price discovery function of soybean,yellow corn and soybean oil futures and spot.Taking the average daily settlement price of futures and spot in Dalian Commodity Exchange as study objects,the VECM and PT-IS model is used to investigate the causal relationship and the difference in price contribution between them.Then DDC-MGARCH-t model is used to analyze their volatility spillover effect.The empirical results show that there is obvious mutual guiding relationship between agricultural futures and spot market,and the price contribution of futures is significantly higher than that of spot,proving that agricultural futures have the function of price discovery.Meanwhile,the volatility spillover effect between agricultural futures and spot is bidirectional.The impact of internal fluctuations is often greater than that of external shocks.

Production quality and pricing strategy for substitutable products under comparison effects

Comparison effects have been studied extensively in many fields.In particular,existing operations management articles have discussed the impact of comparison effects on enterprises'production and pricing decisions.Research has also shown that consumers'purchasing decisions are primarily determined by three factors:product quality,selling price,and comparison effects.The current study introduces the concepts of social and temporal comparison effects to examine how comparison effects influence a monopolist's production quality and pricing strategy for substitutable products.Results reveal the following:(1)Setting different prices for even two types of substitutable products with negligible quality differences can divide customers into three groups under the influence of social comparison effects in a single-stage model.(2)The monopolist should avoid using a price discrimination strategy in which products with a short market life cycle have the same quality but different prices.(3)When the market life cycle of products is sufficiently long in the single-product market and the market with two substitutable products,the monopolist's optimal choice in the second stage is to keep production quality constant and increase the selling price.Consequently,the number of buyers does not decrease because of temporal comparison effects.Therefore,the firm increases its revenue.(4)For the market with two substitutable products with quality differences,one approximate optimal strategy for the enterprise in the second stage is to keep the selling price constant with the assumption that product quality cannot be adjusted after the first period.At this point,the consumption situation in the market is the same as that in the first stage.Therefore,when no external constraints exist,the monopolist firm can obtain more benefits in the second stage than in the first stage by exploiting the temporal comparison effects of consumers in the second stage.(5)When consumer identity information can be confirmed in the market,social comparison effects,similar to temporal comparison effects,could help the enterprise increase its price and profit while maintaining product quality.These social and temporal comparison effects constrain consumers.Thus,the number of people who continueto buyproducts does not decrease.

企业提高ESG表现能够降低股价崩盘风险吗?

本文以2011—2020年沪深A股上市公司为对象,运用企业ESG表现对股价崩盘风险影响的处理效应模型(Treatment effect model)考察ESG表现对股价崩盘风险的影响。研究结果表明,企业提高ESG表现会抑制股价崩盘风险,符合“价值假说”。影响机制检验表明,媒体与分析师关注度正向调节ESG表现对股价崩盘风险的抑制作用,发挥“互补效应”;企业提高ESG表现通过缓解委托代理冲突抑制股价崩盘风险。进一步分析发现,ESG表现对股价崩盘风险的抑制作用仅在非国有企业和所处地区市场化水平较低的企业中成立,且抑制股价崩盘风险是ESG表现提升企业价值的重要路径。上述结论为推动上市公司履行ESG投资责任、完善风险管理机制和实现企业长期价值提供了经验参考。

中国居民消费结构转型驱动力:收入效应还是相对价格效应

本文基于结构转型框架,以居民消费在各部门的分配份额度量居民消费结构转型,利用1992—2017年中国居民消费支出及投入产出表等数据,通过对偏好进行非线性估计并结合反事实分析方法,实证探讨了我国居民消费结构升级的主导驱动力。研究发现:消费的不同定义和测度方式会使结论出现差异。在最终消费支出定义下,收入效应是驱动我国居民消费结构升级的主导力量;在消费增加值定义下,若利用支出法GDP方法构造消费,则相对价格效应对2002年之后我国居民消费结构升级的贡献大大增强。本文在理论层面为结构转型相关研究提供了需求侧视角,在应用层面有助于明确我国居民消费结构升级的主要动力,进而为高质量发展阶段下消费提质升级提供有益的借鉴及参考。

房价对城镇居民消费不平等的影响研究

基于中国家庭追踪调查库(CFPS)2010—2018年数据,采用面板计量模型和中介效应模型,研究房价对城镇居民消费不平等的影响效应及作用机制。结果表明:房价会正向影响城镇居民消费不平等,运用工具变量法进行内生性检验以及其他稳健性检验后,以上结论稳健。机制检验结果表明,房价会通过家庭人均消费支出影响城镇居民消费不平等,房价对居住支出和教育文化娱乐支出的影响程度较大,进一步说明房价上升会通过影响消费结构加剧城镇居民消费不平等。异质性检验结果表明,相对于城镇中低收入、中低金融资产家庭而言,房价变动对城镇高收入、高金融资产家庭居民消费的影响更明显。为此,应稳定房价、合理引导住房支出和调整居民消费结构,以促进消费公平,缩小消费不平等。