Yongheng Deng

TL;DR: In this article, the authors present a unified model of the competing risks of mortgage termination by prepayment and default, considering the two hazards as dependent competing risks which are estimated jointly.

TL;DR: In this article, the authors present a unified model of the competing risks of mortgage termination by prepayment and default, considering the two hazards as dependent competing risks which are estimated jointly.

TL;DR: Wang et al. as discussed by the authors examined a wide array of data to document what has happened to prices across the many markets in China and to gauge whether they are sustainable, and found that prices are well above fundamental production costs in a number of markets.

TL;DR: In this article, the authors used data from the local land auction market in Beijing to produce a constant quality land price index for that city, and showed that even modest declines in expected appreciation would lead to large price declines of over 40% in markets such as Beijing, absent offsetting rent increases or other countervailing factors.

TL;DR: Li et al. as discussed by the authors show that while city government spending on environmental infrastructure has a demonstrably positive environmental impact, city spending is nonetheless strongly tilted towards transportation infrastructure, and that city governments' investment in transportation infrastructure is strongly positively correlated with real GDP growth, a measure of tangible economic growth that is found to raise city-level cadres' odds of being promoted, and with land prices, which elevate city governments’ revenues from land lease sales and thus augment city level cadres’ budgets.