| 主讲人简介： | The Chinese University of Hong Kong, Business School, Hong Kong The Chinese University of Hong Kong, Shenzhen Research Institute, Shenzhen Prof. Yinggang Zhou's CV |
| 讲座简介： | Abstract: The conventional wisdom that housing prices are the present value of future rents ignores the fact that unlike dividends on stocks, rent is not discretionary. Housing price uncertainty can affect household property investments, which in turn affect rent. By extending the theory of investment under uncertainty, we model the renter’s decision to buy a house and the landlord’s decision to sell as the exercising of real options of waiting and examine real options effects on rent. Using data from Hong Kong and mainland China, we find a significant causal effect of housing price on rent and draw important policy implications. |
