Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2019

Top Management Team Power in China: Measurement and Validation

Bin KE, Xinshu MAO, Bin WANG, Zhuo LUO
We propose and validate a comprehensive measure of power for the top management teams (TMTs) of publicly listed Chinese firms. We show that our measure is positively associated with the four power dimensions developed by prior research for U.S. firms as well as three Asia-relevant power dimensions, ...
Keywords: power, top management team, executive compensation, nonmarket institutional force, China
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Annual Conference

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Investment Finance

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May 2025

Top Government Meetings in China

Jun PAN, Qing PENG
In a “government centric” equilibrium like China, the central government performs frequent and intensive interventions while investors prioritize information about government policies over macro-economic fundamentals. Consistently, top government meetings on economic policies are highly anticipa...
Keywords: Chinese Government Meetings, Government-Centric Equilibrium, Pre-Announcement Drift, Heightened Uncertainty, Information Leakage, Institutional Investors
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Tobin Tax Policy, Housing Speculation, and Property Market Dynamics

Sumit AGARWAL, Kwong Wing CHAU, Maggie Rong HU, Wayne Xinwei WAN
Hong Kong introduced a Tobin property tax—the Special Stamp Duty (SSD) Policy—in 2010, which substantially increased the selling costs of short-term property holders. This study examines the effectiveness of this Tobin property tax in curbing speculation and cooling down the market. We find that...
Keywords: Tobin tax policy, stamp duty tax, property speculators, lock-in period, bunching effect
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Annual Conference

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Economic Transformation of Asia

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May 2016

To Stay or to Migrate? Rural-urban Migration and the One-Child Policy in China

Pei-Ju LIAO, Yin-Chi WANG, Wang PING, Chong Kee YIP
With a dynamic macroeconomic model built to tailor the institutions of China, this paper studies how fertility control and migration policies shaped the rural-urban migration pattern and the economic development of China. Different from the reduced-form approach adopted by most of the existing liter...
Keywords: Rural-Urban Migration, Fertility, urbanization, development
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Annual Conference

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Trade, Growth and Development, Senior Fellows/Fellows

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May 2022

To Own or to Rent? The Effects of Transaction Taxes on Housing Markets

Lu HAN, L. Rachel NGAI, Kevin D. SHEEDY
Using transaction records on residential property sales and leases, this paper estimates the effects of Toronto’s imposition of a tax on property purchases in 2008. Three novel effects are uncovered: (i) a rise in buy-to-rent transactions alongside a fall in transactions by owneroccupiers in spite...
Keywords: rental market, buy-to-rent investors, homeownership rate, transaction taxes.
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