一、讲座主题：The Spillover Effect of Land Auctions and Developers’Strategy
二、主讲人：宋彦，经济学博士，毕业于加拿大麦吉尔大学，米乐m6官网app登录副研究员。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。
三、主要内容：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.