Housing liquidity measures the ability to convert housing to cash as an important characteristic of housing stock. A simple model of buyer offers＇ distributions was used to theoretically explore the determinants of h...Housing liquidity measures the ability to convert housing to cash as an important characteristic of housing stock. A simple model of buyer offers＇ distributions was used to theoretically explore the determinants of housing liquidity in a search process. An empirical ordinary least squares model of the time-on-market was developed using data collected in four Chinese cities （Beijing, Shanghai, Guangzhou, and Shenzhen）. The results show that in these four Chinese cities, market maturity dominates the variation of housing liquidity, with the effects of housing characteristics, seller＇s search cost, search strategy, and market conditions being less significant to the time-on-market equation. These empirical results indicate that the slow turn-over of housing stock may constrain the overall level of housing liquidity in major Chinese cities.展开更多
China’s stock market is getting older and wiser, but by international standards it has a long way to go China’s stock market is still a teenager, but it’s a healthy one with dreams of becoming more like the grown-u...China’s stock market is getting older and wiser, but by international standards it has a long way to go China’s stock market is still a teenager, but it’s a healthy one with dreams of becoming more like the grown-up markets internationally.Especially for China’s stock market, 1998 was a long time ago.That was the year Shenzhen Development Bank issued public stock—the first such kind approved by the Chinese Government.展开更多
基金the National Natural Science Foundation of China(No. 70603017)
文摘Housing liquidity measures the ability to convert housing to cash as an important characteristic of housing stock. A simple model of buyer offers＇ distributions was used to theoretically explore the determinants of housing liquidity in a search process. An empirical ordinary least squares model of the time-on-market was developed using data collected in four Chinese cities （Beijing, Shanghai, Guangzhou, and Shenzhen）. The results show that in these four Chinese cities, market maturity dominates the variation of housing liquidity, with the effects of housing characteristics, seller＇s search cost, search strategy, and market conditions being less significant to the time-on-market equation. These empirical results indicate that the slow turn-over of housing stock may constrain the overall level of housing liquidity in major Chinese cities.
文摘China’s stock market is getting older and wiser, but by international standards it has a long way to go China’s stock market is still a teenager, but it’s a healthy one with dreams of becoming more like the grown-up markets internationally.Especially for China’s stock market, 1998 was a long time ago.That was the year Shenzhen Development Bank issued public stock—the first such kind approved by the Chinese Government.
