投机
经济
北京
打破
中国
价值(数学)
上市(财务)
繁荣
放牧
霍德里克-普雷斯科特过滤器
金融经济学
经济
商业周期
财务
宏观经济学
地理
考古
工程类
机器学习
环境工程
林业
计算机科学
作者
Yanjiang Zhang,Li Wang,Fan Zhang,Jiayang Song
标识
DOI:10.1080/00036846.2023.2206633
摘要
We trace the rumour that two undeveloped regions were to be administratively merged into Beijing, which is the capital of China. Applying a difference-in-difference approach, we find that housing listing prices in the two undeveloped regions declined by 25.1% after local governments clarified the rumour. Our results are robust after considering possible confounders such as contemporary housing market policies, business cycles and migrations. The price reduction caused by the rumour collapse averages to 347–396 thousand yuan, a comparable number to the value of 'Hukou' in Beijing. Finally, we show that herding and speculation accelerate the price bust after the rumour collapses.
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