第631期岭南学术论坛（金融学系列Seminar）

报告题目：The Spillover Effect of Land Auctions and Developers’Strategy 

报 告 人：宋彦（山东大学经济学院 副教授）

主 持 人：张笑语（中山大学岭南学院  助理教授）

时      间：2022年12月16日（周五）14:30

语      言：中文

腾讯会议号：354-345-852，会议密码：221216

摘要：

In this paper, we exploit the close interactions between the land and housing market in China and study the decisions of real-estate developers in the land market auctions and its implications. We first establish that the land auction outcomes exhibit significant spillover effects on housing markets by exploring the exact timing of the auction. We find that a land auction price growing twice as fast as the local housing price trend leads to an 8.3 percent increase in local housing price. The spillover effect shows strong momentum, lasting four months after the auction, after which the local housing price began adjusting downwards. Using a matched dataset of developers’ stock of land and land auction outcomes, we show that developers adjust their auction strategy in the land market in response to the spillover effects. Developers with land stock nearby the land auctioned bid 3.8 percent higher. This response to the spillover effects is more pronounced in cities where housing prices are not regulated.

报告人介绍：

宋彦，经济学博士，毕业于加拿大麦吉尔大学，山东大学经济学院副教授。研究方向为教育和健康经济学，主要关注非理性因素如何影响教育和健康等领域的决策。研究成果发表与Journal of Economic and Behavior Organization, Economics of Education Review, and Health Economics。

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中山大学岭南学术论坛分经济学和金融学两大系列，是定期邀请国内外优秀学者前来开展学术交流的平台。每系列每个月定期举办2-3次。目前已经成功举办多期，并得到了各界的高度评价。