Financial Conditions, Local Competition, and Local Market Leaders : The Case of Real Estate Developers

Material type: 文書・図像類

Author: Fan, Yingほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2021-04

Material Format: Paper

Capacity, size, etc.: -

NDC: -

View All

Notes on use

Note (General)：: This paper studies whether (and how) corporate decisions are affected by internal factors (such as the financial conditions of own company) and extern...

Search by Bookstore

Holdings of Libraries in Japan

This page shows libraries in Japan other than the National Diet Library that hold the material.

List of Cooperating Institutions and Databases

Please contact your local library for information on how to use materials or whether it is possible to request materials from the holding libraries.

other

OUKA (Osaka University Knowledge Archive)
Paper
You can check the holdings of institutions and databases with which Institutional Repositories DataBase(IRDB)(Institutional Repository) is linked at the site of Institutional Repositories DataBase(IRDB)(Institutional Repository).
OUKA (Osaka University Knowledge Archive)

Search by Bookstore

Bibliographic Record

You can check the details of this material, its authority (keywords that refer to materials on the same subject, author's name, etc.), etc.

Paper

Material Type: 文書・図像類
Title: Financial Conditions, Local Competition, and Local Market Leaders : The Case of Real Estate Developers
Author/Editor: Fan, Ying
Leung, Charles Ka Yui
Yang, Zan
Author Heading: Fan, Ying
Leung, Charles Ka Yui
Yang, Zan
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2021-04
Publication Date (W3CDTF): 2021-04
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1130
Volume: 1130
Pages: 1-68
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: corporate financial status
output market decision
internal and external driven
real estate developers
housing supply
Target Audience: 一般
Note (General): This paper studies whether (and how) corporate decisions are affected by internal factors (such as the financial conditions of own company) and external factors (such as the actions of local competitors) in an imperfectly competitive environment. We study the listed real estate developers in Beijing as a case study. Our hand-collected dataset includes transaction-level information booked indicators (such as profitability, liability, and liquidity) and un-booked financial indicators (political connections). Our multi-step empirical model shows that both the firm's financial conditions and her competitors' counterparts are essential but play different roles in the output design, pricing, and the time-on-the-market (TOM). Internal versus external factors' relative importance relates to the degrees of market concentration in a nonlinear manner. Local market leaders' existence alters the small firms' strategy and leads to higher selling prices and slower selling pace in the local market. Our findings survive various robust checks.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2021/DP1130.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華