租金率折价视角的学区价值测度——来自上海二手房市场的证据

近年来,国内主要城市学区房现象持续升温,成为社会关注热点。由于学区房可以再出售,现有文献基于学区房溢价的研究并不能准确体现学区自身价值。本文提出租金率折价的概念,基于对上海二手房挂牌出售和出租数据的联动使用,应用特征价格模型和边界固定效应的方法对学区房的租金率折价进行系统分析,对优质教育资源的意愿支付价格做出更准确估计。实证结果表明,学区房的租金收益率平均而言比非学区房低5%,对于小户型住宅更可达19%,且租金率折价存在较大的波动,受教育部门公立学校入学政策冲击的影响大,证实学区房存在较大的政策风险。本文据此提出,实施基础教育阶段公共学校入学资格的“租买同权”,将有助于促进基础性公共教育资源的更公平利用,同时也有助于防范房地产市场价格过度波动。     

二手学区房价格影响因素分析——以郑州市为例

二手学区房凭借其优质学区、已有装潢、小区周边发展成熟等条件成为了住宅销售市场的重点对象。本文以郑州市区42所小学对口的339个二手学区房小区为对象,进行截面数据分析,建立住宅特征价格模型,剖析影响郑州二手学区房销售价格的因素。结果表明,除了小学等级和小区距学校距离,小区距三甲医院、地铁站距离和绿地特征对二手学区房销售价格的影响程度也较大。并根据研究结果提出加大医疗和公共设施的投入,重视小区绿化、加强绿地建设等建议。     

我国农村寄宿制学校的利弊权衡

农村教育是我国教育体系中基础最薄弱,问题最多的领域.农村义务教育阶段寄宿制学校建设对提升农村义务教育质量,提高教育资源利用效率,解决农村教育问题,促进城乡教育均衡发展,实现教育和谐有重要意义.寄宿制学校可以改变当前农村教育资源分配的结构性浪费现状,统筹利用有限的农村教育资源,改善农村学校的办学条件.然而现行寄宿制学校存在很多问题,虽然寄宿制学校可以有效缓解因生源分布稀疏造成的教育问题,但由于缺少寄宿制学校建设理论指导,缺少对寄宿制学校教育成本和教育环境的深入研究,寄宿制学校建设不尽理想.本文将对我国农村寄宿制学校的利弊进行探讨.     

海外学区房 没你想的那么美

国内购房者投资学区房，是因为中国的户籍制度在作祟，特别是那些教育资源稀缺的优质中小学。而目前很多中国投资者投资海外房产，也把目光紧紧盯住那里的所谓学区房。在海外成熟租赁市场中，学生类租客的受欢迎程度远远排在有收入的带子女的家庭租客、有收入的年轻夫妇、有收入证明的本地金领和白领这三类优质租客之后。     

基于特征价格模型的学区房房价研究--以川大附小学区实证分析为例

近年来,成都楼市行情虽有起伏,但学区房房价一路居高不下,我们认为推高此类地产价格的关键因素是优质中小学的入学资格,为论证这一猜测,本文以川大附小学区划片为例,采用特征价格模型将与房价相关的所有变量进行量化比对以探究学校周边商品房房价的决定因素及入学资格对房价的影响程度。     

股票停牌、涨跌停与ETF定价效率——基于上证50ETF日度数据的实证研究

本文应用中国股市2007年至2011年的数据,研究了上证50ETF市场价格和基金净值的相关关系,以及折溢价水平及其影响因素。基于ETF的申购赎回和交易机制,在成分股涨跌停板和停牌期间,由于ETF二级市场价格具有价格发现功能,ETF市场价格可能较大偏离(形式上的)ETF净值,造成ETF的异常折溢价,而此类异常折溢价并不是真正的套利机会。另外,上证50ETF的市场价格与基金净值存在显著同步变动的关系;在涨跌停板和停牌期间之外,上证50ETF的折溢价水平低于套利所需的交易成本。本文研究表明,上证50ETF具有较高的定价效率。     

浅议我国高校如何提升研究生培养的质量

随着我国高等教育制度的改革和研究生招生规模不断扩大,研究生培养质量有普遍下降的趋势。除了教育制度本身的缺陷外,学校在此方面也是关键。俗话说:“铁打的营盘流水的兵。”这句话对于学校来说也是很合适的。“铁打的学校流水的学生”。每年都有学生入校,也有学生毕业,而学校一直都在,要保证每一批走出校门的学生都是高质量的,这就需要一所铁打的学校。因此,学校的研究生管理是影响研究生培养质量的重要因素。当然,学校毕竟不比生产企业,对学生的培养也不可能像流水线加工。但对于学校培养研究生而言,目前的主要存在以下一些问题:首先是扩招导致生源的整体水平有所下降;其次是规模的扩大导致管理上漏洞越来越多;再者,由于导师所带的学生越来越多,对每个学生的指导就流于形式。除此之外,学生的专业基础、个人品德和社会认知等方面也会对研究生培养的质量起到一定的作用。因此,高校要提高研究生培养的质量,可以从如下几个方面着手改进:一、抓生源质量研究生培养质量的主体是研究生,因此,抓研究生生源是关键。研究生是高层次人才,招收研究生应更重视综合能力的考察。从2003年开始在全国大多数高校的硕士生招收工作上推行差额录取的办法正是这种改革思想的体现:在一定分数线上...     

审计师收取客户债务风险溢价了吗?

已有研究发现,公司债务风险越高,审计师收取的审计费用越高;然而,审计费用提高的原因可能是审计投入的增加,也可能是审计师收取客户公司的债务风险溢价。由于缺少审计投入的数据,已有研究无法回答审计师是否收取客户公司债务风险溢价的问题。本文以我国A股上市公司为研究样本,运用我国独到的审计工时数据,就此展开相关问题研究。研究发现,在控制了审计投入之后,客户债务风险与审计费用显著正相关,表明审计师收取了客户公司的债务风险溢价。进一步研究表明,审计师对财务状况较差和治理较差的公司以及非国有企业收取更高的债务风险溢价,规模较小的会计师事务所收取的债务风险溢价高于规模较大的会计师事务所。     

IPO溢价与中签率——理论和证据

本文通过探讨首次公开发行(IPO)的溢价问题,我们从博弈论的角度,借助第一级密封价格拍卖模型对IPO首日溢价的微观机理进行考察,发现竞买者越多,也即中签率越低,那么IPO的溢价越低。我们进一步使用我国上市公司的IPO数据对理论的推导结果进行检验。我们控制了其他可能的影响因素、替换控制变量、检验子样本以及考虑到可能存在的内生性问题,验证了这一理论的结果。我们的研究对于我国证券市场效率的改善有一定的启示。     

浅析高职高专酒店管理专业教育改革的思路

高职高专酒店管理专业教育中主要存在生源不足且质量较低、教学模式与酒店实际需求存在偏差、缺乏专业研究和创新教育、实验教学体系有待提高等问题,应整合现有酒店管理教育资源,建立系统化人才培养模式,规范课程设置,改革教学模式,建立实验教学资源共享机制,建立"校企合一"的现场实践教学模式,以促进酒店管理专业的健康发展。     

School Quality, House Prices and Liquidity

This paper develops an empirical framework for taking into account the effects of endogenous liquidity on price capitalization estimates. Changes in school attendance zones in the East Baton Rouge Parish public school district provide a natural experiment for studying how changes in school characteristics affect house prices and liquidity. House price and selling time, or liquidity, are simultaneously determined in search markets. The empirical model exploits variation in the surrounding neighborhood market conditions pertinent to each house to identify the system of price and liquidity equations. The estimates are consistent with search-market theory in that liquidity absorbs part of the capitalization of school quality.

Making do: state constraints and local responses in California’s education finance system

California’s unique education finance system combines general state support for school districts, numerous state categorical aid programs, a restricted local property tax, and two unusual small local revenue sources: a parcel tax and contributions from educational foundations. This paper explores the incentives this system creates for local voters and school officials and estimates the impact of these incentives on education costs, school district efficiency, and the demand for student performance. The paper finds that voters in California respond to the price incentives in this system even though they work through the hard-to-pass parcel tax instead of the property tax; that educational outcomes are strongly influenced by student characteristics and other factors that influence educational costs; that school district efficiency is undermined by the state’s current emphasis on categorical instead of unrestricted aid; and that, overall, the education finance system is not well designed to meet the state’s educational objectives.     

School Attendance and Skill Premiums in France and the US: A General Equilibrium Approach*

We evaluate the effect of education policies, welfare programmes, technology and demographics on the differential evolution of the skill premium and on the rise in education investment in France and the US. We use a computable general equilibrium model with overlapping generations of individuals and endogenous education decisions. Human capital has two substitutable components ‐ experience and education ‐ both of which evolve endogenously over time. We use an original method to calibrate our model properly on the post‐war period and run counterfactual experiments to assess the relative contributions of the different exogenous variables. The expansionary French education policy boosted the supply of skills and kept the skill premium low. In contrast, increasing education costs in the US contributed to increased wage differentials by reducing the rise in educational attainment. Skill‐biased technical change is key to understanding rising school attendance and skill premiums in the US. It has a less important role and appears to be delayed in France.     

Pricing mortgage insurance contracts under housing price cycles with jump risk: evidence from the U.K. housing market

Previous studies have investigated the determinants of housing price cycles in the housing market; however, we observed the phenomenon of housing price jumps in the 2007 subprime crisis. This paper presents a discussion on the housing price cycle and abnormal price jumps to describe the behavior of housing prices in the United Kingdom. The empirical results show that the impact factors of housing cycles are market risk and the switching factor. Furthermore, the impact factors of jump risks include the bursting of the housing bubble and financial crises. Therefore, in this paper, we employ the Markov switching model with jump risks to value the MI contracts and analyze the influences of housing price cycles, jump risks, risks of market interest rate, and the prepayment risks on MI premiums. The results of sensitivity analysis show that more volatile housing price index returns, as well as longer periods of higher volatility in housing prices, raise MI premiums. Moreover, the MI premium is positively related to the absolute value of the average jump amplitude and the shock frequency of abnormal events. There is the tradeoff between the market interest rate and the prepayment risk. The influences of market interest rate are different on MI premium with/without prepayment risks.     

房价预期与城镇居民家庭股市参与——理论探讨与微观经验证据

本文基于中国家庭金融调查数据,通过构建理论模型和实证检验分析了房价预期与家庭股市参与的关系,考察了行为金融偏差在房价预期影响股市参与过程中的作用,并根据背景风险、社会网络和户主特征进行异质性分析。结果表明:(1)房价上涨预期通过降低居民家庭的股票收益率预期和增加住房资产,进而降低居民家庭的股市参与概率和参与程度;(2)“心理账户”以及“有限关注”的存在显著弱化了房价上涨预期对家庭股市参与的负向作用;(3)房价上涨预期对股市参与概率和参与程度的负向作用在收入风险更高、健康状况更差、社会网络水平较低以及受教育程度偏低的家庭中更大。因此,稳定房价预期能够通过提升家庭股市参与,进而从需求角度促进股票市场的健康发展。     

The effect of land-use restrictions on market values of single-family homes in Houston

This paper analyzes the effects of zoning and restrictive covenants on single-family housing prices in and around Houston, Texas. The calculation of a hedonic price index reveals that higher prices are paid for homes in neighborhoods with either type of land-use control than for comparable houses in neighborhoods without these controls. The premiums paid for these restrictions are not statistically distinguishable, but institutional constraints on these controls may explain why both forms continue to exist and to command market premiums.     

INTERPRETING RECENT RESEARCH ON SCHOOLING IN DEVELOPING COUNTRIES

Policymakers in developing countries have long been troubledby the undesirable, but apparently unavoidable, choice betweenproviding broad access to education and developing high-qualityschools. Recent evidence, however, suggests that this is a badway to think about human capital development. Grade repetitionand high dropout rates lead to a significant waste of resourcesin many school systems. Students in quality schools, however,respond in ways that reduce such inefficiencies, perhaps evensufficiently to recoup immediately investments in quality. Promoting high-quality schools, however, is more difficult thanmany have thought, in part because research demonstrates thatthe traditional approach to providing quality—simply providingmore inputs—is frequently ineffective. Existing inefficienciesare likely to be alleviated only by the introduction of substantiallystronger performance incentives in schools and by more extensiveexperimentation and evaluation of educational programs and schoolorganizations. Incentives, decentralized decisionmaking, andevaluation are alien terms to education, in both industrialand developing countries, but they hold the key to improvementthat has eluded policymakers pursuing traditional practices.      

Investment opportunities and market reaction to capital expenditure decisions

In this study, we argue that share price reaction to a firm's capital expenditure decisions depends critically on the market's assessment of the quality of its investment opportunities. We postulate that announcements of increases (decreases) in capital expenditures positively (negatively) affect the stock prices of firms with valuable investment opportunities. Contrarily, we predict that announcements of increases (decreases) in capital spending negatively (positively) affect the share prices of firms without such opportunities. Our empirical results are generally consistent with these predictions. Overall, empirical evidence supports our conjecture that it is the quality of the firm's investment opportunities rather than its industry affiliation which determines the share price reaction to its capital expenditure decisions.     

Housing Price Dynamics in Time and Space: Predictability,Liquidity and Investor Returns

It is widely accepted that aggregate housing prices are predictable, but that excess returns to investors are precluded by the transactions costs of buying and selling property. We examine this issue using a unique data set—all private condominium transactions in Singapore during an eleven-year period. We model directly the price discovery process for individual dwellings. Our empirical results clearly reject a random walk in prices, supporting mean reversion in housing prices and diffusion of innovations over space. We find that, when house prices and aggregate returns are computed from models that erroneously assume a random walk and spatial independence, they are strongly autocorrelated. However, when they are calculated from the appropriate model, predictability in prices and in investment returns is completely absent. We show that this is due to the illiquid nature of housing transactions. We also conduct extensive simulations, over different time horizons and with different investment rules, testing whether better information on housing price dynamics leads to superior investment performance.     

Stock Market Efficiency and Economic Efficiency: Is There a Connection?

In a capitalist economy, prices serve to equilibrate supply and demand for goods and services, continually changing to reallocate resources to their most efficient uses. However, secondary stock market prices, often viewed as the most “informationally efficient” prices in the economy, have no direct role in the allocation of equity capital since managers have discretion in determining the level of investment. What is the link between stock price informational efficiency and economic efficiency? We present a model of the stock market in which: (i) managers have discretion in making investments and must be given the right incentives; and (ii) stock market traders may have important information that managers do not have about the value of prospective investment opportunities. In equilibrium, information in stock prices will guide investment decisions because managers will be compensated based on informative stock prices in the future. The stock market indirectly guides investment by transferring two kinds of information: information about investment opportunities and information about managers' past decisions. However, because this role is only indirect, the link between price efficiency and economic efficiency is tenuous. We show that stock price efficiency is not sufficient for economic efficiency by showing that the model may have another equilibrium in which prices are strong-form efficient, but investment decisions are suboptimal. We also suggest that stock market efficiency is not necessary for investment efficiency by considering a banking system that can serve as an alternative institution for the efficient allocation of investment resources.