Journal of Urban Economics
Qiang Li, "Language and Urban Labor Market Segmentation: Theory and Evidence"
Abstract: I propose a language theory of labor market segmentation. People of different language origins form separate urban labor submarkets and can switch between submarkets. Two types of wage differentials emerge, namely the Within-Labor-Market Wage Gap and the Within-Language-Group Wage Gap. The average wage in each market and a worker's choice of the labor market depend on the population sizes of the relevant groups. These implications are tested using the 2001 Census of Canada Public Use Microdata. A unique feature of these data is the reported work language, which helps me to identify labor market segments. The empirical evidence supports my theory.
Journal of Money, Credit and Banking
Sumit Agarwal, John C. Driscoll, David I. Laibson "Optimal Mortgage Refinancing: A Closed Form Solution"
Abstract: We derive the first closed-form optimal refinancing rule: Refinance when the current mortgage interest rate falls below the original rate by at least
In this formula W(.) is the Lambert W-function,
ρ is the real discount rate, λ is the expected real rate of exogenous mortgage repayment,
σ is the standard deviation of the mortgage rate, κ/M is the ratio of the tax-adjusted refinancing cost and the remaining mortgage value,
and τ is the marginal tax rate. This expression is derived by solving a tractable class of refinancing problems. Our quantitative results closely match those reported by researchers using numerical methods.
Environment and Planning C: Government and Policy
Jieming Zhu, "Governance over Land Development during Rapid Urbanization under Institutional Uncertainty"
Abstract: Institutional change in the context of gradualist reforms has stimulated economic growth without causing serious social instability in China. Nevertheless, institutional uncertainty has been brought about by the long continuous transition. Institutional uncertainty in the domain of rural collectives compromises the state governance. While the effective state governance over rapid urbanization is absent, and public goods are inadequate in the peri-urban areas as a result, private governance arises spontaneously in the form of gated super-communities in the far suburbs. Though it has met the aspiration of a rising middle-income class for a decent living environment, social segregation and urban sprawl emerge and become serious challenges to society.
Real Estate Economics
Yuen Leng Chow, Joseph Ooi "First-Price Sealed-Bid Tender versus English Open Auction: Evidence from Land Auctions"
Abstract:This paper compares which auction format - first-price sealed-bid tender versus ascending English open auction - generates higher revenue for seller. Using a unique data for prepared vacant land sales that is close to a set of data generated by a natural economic experiment in a real-world business setting and different estimation methods to account for the presence of an endogenous discrete mechanism choice variable, our results show a statistically significant difference in land prices. The first-price sealed-bid tender generates a lower land price, in the range of 1.2% to 9.6%. Our results validate the theoretical prediction that open auctions result in higher prices because bidders can infer other bidders' information by observing their bids in the common value auction paradigm.
Wenlan Qian "Why Do Sellers Hold Out in the Housing Market? An Option-based Explanation"
Abstract: In the residential housing market, home owners are reluctant to sell in a declining market. We build a model which focuses on the embedded call option associated with home ownership that allows owners to delay the (irreversible) sale. When prices are low, the (opportunity) cost of a sale, i.e., a higher implied gain from a future sale, likely exceeds its immediate trade benefit and an owner is better off waiting for market conditions to improve. The model also highlights the importance of supply conditions: a more constrained supply is associated with a longer delay. Using state-level residential housing data, we find evidence consistent with the model. Transaction volume is increasing (decreasing) in the rental growth rate (volatility) in the cross section; their effects are amplified in areas with low supply elasticities, and in times with low market prices. Overall, this paper provides a rational explanation for delayed trading decisions in the housing market.
Journal of Real Estate Finance and Economics
Ming Pu, Gang-Zhi Fan, and Yongheng Deng, "Information Asymmetry and the Breakeven Determination of Loan Limits for Reverse Mortgages"
Abstract: Since the loan limit of a reverse mortgage is a major concern for the borrower as well as the lender, this paper attempts to develop an option-based model to evaluate the loan limits of reverse mortgages. Our model can identify several crucial determinants for reverse mortgage loan limits, such as initial housing price, expected housing price growth, house volatility, mortality distribution, and interest rates. We also pay special attention to the important implication of information asymmetry between lenders and elderly borrowers with respect to the beliefs on housing market risk. In reverse mortgage markets, elderly borrowers typically hold far less or no information about the characteristics associated with lenders' underlying property pools compared to the lenders. Such information asymmetry leads these two categories of market participants to generate different perspectives on the risk of the collateralized properties, which can be identified to be important in determining the maximum loan amounts in this analysis. We further find that the maximum loan amount of a reverse mortgage decreases in the correlation between the systematic return and the idiosyncratic return on its underlying housing property but increases with the number of the pooled reverse mortgages.
Jing Wu, Yongheng Deng and Hongyu Liu, "House Price Index Construction in the Nascent Housing Market: The Case of China"
Abstract: Most existing house price index construction methods are developed mainly based on repeat-sales residential housing data that each unit has multiple transaction records, and are not necessarily suitable for the nascent housing markets where a predominant portion of housing transactions are new units. Using the booming market in China as an example, we evaluate and compare the performances of three most common house price measurement methods in the newly-built housing sector, including the simple average method without quality adjustment, the matching approach with the repeat sales modeling framework, and the hedonic modeling approach. Our analyses suggest that the simple average method fails to account for the complex-level quality changes over time of sales during our sampling period, and the matching model adopted by China's government index fails to control for the developers' pricing behaviors, hence both indices are downward biased. Based on this finding, we apply a hedonic method, that allows up to control for quality changes over time of sales and developers pricing behaviors, to 35 major newly-built housing markets and provide the first multi-city constant-quality house price index in China. The new index reveals that the current Chinese housing market is facing a greater risk of mispricing than reported by the existing official metrics.
Jun Chen and Yongheng Deng, "Commercial Mortgage Workout Strategy and Conditional Default Probability: Evidence from Special Serviced CMBS Loans"
Abstract: This study recognizes that commercial mortgage default is not a one-step process and examines a previously under explored aspect in the whole default process, that is the stage between the initial delinquency and default. We distinguish the servicers' behavior from the borrowers' behavior. A multinomial logit model is applied to analyze the servicers' choice of workout options and a proportional hazard model is applied to analyze the borrower's default decision-making process under time-varying conditions. We find that cash flow condition is the most significant factor in the servicers' decision making process. We also find that borrowers make default decisions based upon both the equity position in the mortgage and the cash flow condition in the space market. Key real estate space market variables, such as market-level vacancy rates, also provide useful information in explaining commercial mortgage defaults. We find that special service seems to be successful in reducing the probability that a troubled loan will default. Finally, sensitivity analysis shows nontrivial economic significance of the impact of explanatory variables, real estate market variables in particular have the most significant impact on the pricing of special-serviced loans.
2012 SSCI Reported Journal Impact Factors and Rank among 320 Economics,
86 Business & Finance, and 37 Urban Studies Journals
|
Journal Name
|
Rank
|
Impact Factor
|
5 Year Impact Factor
|
Article Influence ® Score |
|
Journal of Financial Economics
|
5/320 in Economics
2/86 in Business & Finance
|
3.725
|
5.676
|
5.744 |
|
Journal of Political Economy
|
6/320 in Economics
|
2.902
|
5.416
|
8.769 |
|
Review of Financial Studies
|
7/320 in Economics
3/86 in Business & Finance
|
4.748
|
5.178
|
6.443 |
|
Econometrica
|
9/320 in Economics
|
2.976
|
4.700
|
8.631 |
|
American Economic Review
|
13/320 in Economics
|
2.693
|
4.076
|
5.662 |
|
Brookings Papers on Economic Activity
|
18/320 in Economics
|
3.409
|
3.421
|
4.345 |
|
The Economic Journal
|
31/320 in Economics
|
1.945
|
2.719
|
2.710 |
|
Journal of Urban Economics
|
34/320 in Economics
3/37 in Urban Studies
|
1.892
|
2.629
|
1.778 |
|
Transportation Research Part C: Emerging Technologies
|
5/28 in Transportation Science and Technology
|
1.957
|
2.284
|
0.930 |
|
Journal of Financial and Quantitative Analysis
|
53/320 in Economics
16/86 in Business & Finance
|
1.775
|
2.146
|
2.281 |
|
Urban Studies
|
5/37 in Urban Studies
|
1.280
|
1.984
|
0.787 |
|
Journal of Regional Science
|
60/320 in Economics
|
2.000
|
1.864
|
0.996 |
|
European Economic Review
|
61/320 in Economics
|
1.527
|
1.860
|
1.774 |
|
Journal of Money Credit and Banking
|
73/320 in Economics
18/86 in Business & Finance
|
1.093
|
1.724
|
1.865 |
|
Journal of Economic Psychology
|
81/320 in Economics
|
1.069
|
1.617
|
0.975 |
|
Regional Science and Urban Economics
|
96/320 in Economics
12/37 in Urban Studies
|
1.008
|
1.434
|
0.998 |
|
Cities
|
14/37 in Urban Studies
|
1.143
|
1.420
|
0.460 |
|
Environment and Planning C: Government and Policy
|
29/89 in Environmental Studies
11/45 in Public Administration
|
1.161
|
1.419
|
0.400 |
|
Real Estate Economics
|
104/320 in Economics
26/86 in Business & Finance
17/37 in Urban Studies
|
1.020
|
1.355
|
1.002 |
|
Journal of Financial Market
|
29/86 in Business & Finance
|
1.115
|
1.235
|
1.260 |
|
Journal of Real Estate Research
|
122/320 in Economics
32/86 in Business & Finance
|
1.075
|
1.168
|
0.434 |
|
Journal of Real Estate Finance and Economics
|
128/320 in Economics
33/86 in Business & Finance
22/37 in Urban Studies
|
0.884
|
1.070
|
0.595 |
|
Journal of Housing Economics
|
150/320 in Economics
26/37 in Urban Studies
|
0.556
|
0.891
|
0.506 |
|
