The Experts below are selected from a list of 22227 Experts worldwide ranked by ideXlab platform
Stephen Ching - One of the best experts on this subject based on the ideXlab platform.
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contestability of the Urban Land Market an event study of hong kong Land auctions
Regional Science and Urban Economics, 2003Co-Authors: Stephen ChingAbstract:Abstract The traditional theory of Urban Land Markets assumes perfect contestability—the absolute freedom of Market entry—that compels developers to bid up the Land rent to equal the economic profit from Land use. This assumption, however, is empirically untested due to the difficulties in measuring the ex ante economic profit of Land acquisition. We overcome these difficulties by applying the event-study methodology to Hong Kong government Land auctions. When a developer acquires a site at a price below its fair Market value, the rationality of the stock Market entails a positive abnormal return on the developer’s stock. Our analysis shows evidence of positive expected abnormal returns, indicating an imperfectly contestable Land Market. We further show that the expected abnormal return increases with the site value and the government Land disposal level but decreases with the property Market liquidity.
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the contestability of the Urban Land Market an event study of hong kong Land auctions
Social Science Research Network, 2003Co-Authors: Stephen ChingAbstract:The traditional theory of Urban Land Markets assumes perfect contestability - the absolute freedom of Market entry - that compels developers to bid up the Land rent to equal the economic profit from Land use. This assumption, however, is untested empirically due to the difficulties in measuring the ex ante economic profit of Land acquisition. We overcome these difficulties by applying the event-study methodology to Hong Kong government Land auctions. When a developer acquires a site at a price below its fair Market value, the rationality of the stock Market entails a positive abnormal return on the developer's stock. Our analysis shows evidence of positive expected abnormal returns, indicating an imperfectly contestable Land Market. We further show that the expected abnormal return increases with the site value and the government Land disposal level but decreases with the property Market liquidity.
William K. Jaeger - One of the best experts on this subject based on the ideXlab platform.
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Determinants of Urban Land Market outcomes: Evidence from California
Land Use Policy, 2012Co-Authors: William K. JaegerAbstract:Abstract Our understanding of the effects of Land use regulations and other aspects of Urban form has been hindered by limited aggregate data and gradual temporal changes in policies. More widely available GIS data on Land use and Land economics presents opportunities to overcome these obstacles. This study was undertaken to explore the potential for Land economics research that draws on parcel level spatial data for Urban Land Markets, and uses differences across a sample of cities as the source of variation. Policy obstacles such as protected open spaces and other Land use regulations, like the limitations caused by Land forms such as water bodies and mountains, can be expected to alter the supply of Land in ways that will be reflected in Land Market outcomes across cities. Based on a sample of data for 46 California cities, this exploratory analysis analyzed Land Market outcomes as a function of population, income and other factors in a closed-economy model, including a ratio that measures the concentration of developed Lands within a city's radius or perimeter. The approach produced robust relationships consistent with other studies, and results consistent with expectations not just in terms of the signs of the estimated coefficients but in terms of their magnitudes as well. Indeed, the elasticity of Land development with respect to population has been estimated to be 0.79–0.82 based on open city models. The evidence suggests that both Land forms and Land use regulations have a positive effect on Land prices; however, it was not possible with the current data to distinguish the amenity effects of proximity to oceans and mountains from the supply constraints on radial city expansion. The analysis, nevertheless, provides encouraging evidence for future research of this kind.
Changchun Feng - One of the best experts on this subject based on the ideXlab platform.
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Urban Land Market and Land use changes in post reform china a case study of beijing
Landscape and Urban Planning, 2014Co-Authors: Jeanclaude Thill, Richard Peiser, Changchun FengAbstract:China launched an ambitious Urban Land-use reform to improve Land-use efficiency, raise funds for infrastructure construction, and facilitate foreign investment in the late 1980s. Few studies have systematically evaluated the effects of the Market mechanisms on Land-use changes in Chinese cities. This paper takes the city of Beijing as a case study to quantify the magnitude of Land-use changes and model it in relation to spatial and Market drivers through time and across the metropolitan region. The analysis uses unique district-level Land survey data from 1992, 1996, 2001, 2004 and 2008, as well as Land granting records. Analysis reveals that, since the Urban Land Market was established in 1992, the spatial pattern of Land uses has changed dramatically in Beijing, Land price has exerted a significantly influence on Land-use conversion, and the municipal recognition of an open Market for Land assets has set the spatial–temporal pattern of Land uses on a course that sharply differs from past trends in Beijing.
Maliti Musole - One of the best experts on this subject based on the ideXlab platform.
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property rights transaction costs and institutional change conceptual framework and literature review
Progress in Planning, 2009Co-Authors: Maliti MusoleAbstract:Abstract For want of appropriate and effectual methodological approaches or analytical instruments, analysis of socio-economic phenomena can sometimes be problematic. As Frances et al. have aptly noted, any analysis of social nature begs the question: ‘with what theoretical tools do we approach the analysis of events and processes?’ (p. 1). In Land matters, for example, Malpezzi (1999b,c) has keenly observed that most of the studies on Land reforms have focused on the rural and agricultural sectors, at the expense of the Urban sector. Arguably, the paucity of Land policy/reform studies on the Urban sector could be explained, to a large measure, by the fact that most of the studies carried out in this area apply theoretical frameworks or models that are highly abstract (e.g. neoclassical economic models) or too simplistic in approach. 1 Such models or methodological frameworks may not be readily applicable or efficacious in explaining the convoluted Urban Land Market realities. The narrow option for alternative tools of analysis for studying Land Market ‘events and processes’ (to use Frances et al.’s (1991) terminology) may well have hindered Land policy/reform research in the Urban sector. Against that background, this paper advances an eclectic, property-rights-based approach that is robust and versatile enough to have wide application. An empirical study conducted under the framework attests to the relevance of such an approach to Land use policy and Urban Land Market analysis.
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Land policy and the Urban Land Market in zambia property rights transaction costs and institutional change
2007Co-Authors: Maliti MusoleAbstract:This study examines, comparatively, the effects of Zambia's post-colonial (1975 and 1995) Land policy reforms on the Urban Land Market transactions. It focuses on Land delivery, Land transfer and exchange, and Land valuation and pricing. The central thesis of the study is that Land policy reforms matter even for the Urban Land Market. Proceeding from this premise, the study conceptualises the effects of Land policy on the Land Market as one set of institutions (namely, Land policy reforms) modifying or radically restructuring (and, hence, impacting on) the other set of institutions (viz. property rights and the Land Market generally). Grounded in the new institutional economics approach, the conceptual framework focuses on property rights, transaction costs and institutional change. The philosophical framework is post-positivist. Methodologically, the research design is largely qualitative and employs a multiple data collection and analysis strategy. Central to this methodological approach are the concepts of critical multiplism and triangulation. The overall research findings suggest, overwhelmingly, that Land policy reforms matter to Urban Land Market transactions. More specifically, the study finds that, in so far as Land delivery is concerned, both the 1975 and 1995 reforms had a similar detrimental impact. However, their effects differed markedly in specific areas with regard to Land transfer and exchange, on the one hand, and Land valuation and pricing, on the other. In patticular, the latter reforms were less pernicious than the former. Consequently, the study recommends Land policy reforms that minimise the policy-generated detrimental effects identified in the Land Market operations. The effects in question naturally revolve around property rights and transaction costs.
Barry Redding - One of the best experts on this subject based on the ideXlab platform.
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the emergence of the Urban Land Market in china evolution structure constraints and perspectives
Urban Studies, 2002Co-Authors: Qingshu Xie, A Ghanbari R Parsa, Barry ReddingAbstract:Urban Land reform is one of the most important constituents of China's whole economic reform programme launched in the late 1970s. Through a series of reforms, Urban Land Markets have emerged rapidly. This paper aims to analyse the evolution of Urban Land reform, to discuss the structure of Urban Land Markets, to identify the principal constraints in the Urban Land Market and to propose relevant recommendations for its improvement in the future. The methodology employed for this research is based on the structure and agency theory of the development process and the paper relies on a comprehensive review of recent research on the Urban Land Market in China.
