Conference Trips

Speaker: Ph. D. Candidate Liu Yuwei

From 9th July to 12th July, I am glad to be invited to participate the joint annual conference GCREC and AsRES 2017 in Taichung, Taiwan provinces, China. Both GCREC and AsRES are the top conference in the field of real estate. This year, over 300 high quality papers and research have been presented in the conference.

As a Ph.D. candidate who is going to graduate soon, I have made two presentation in this joint annual conference, which are the joint work of me, my supervisor Prof. Fu Yuming and Prof. Liao Wen-Chi. The first working paper provides the structural model to capture both demand-based and supply-based determinants of employment formalization, which enables us to account for the cross-city heterogeneity, as well as the development trend, in employment and entrepreneur skill mix in both formal and informal sectors. The model will be validated against the stylized facts observed in Indonesia datasets. The second working paper focuses on the potential policy in Indonesia that cutting corporate tax rate from 25% to 20%. It is the application of the structure model in first paper. Firstly, we calibrate both the supply and demand factors, such as location fundamentals, human capital and external demand in the Indonesia context. Based on the estimated structure parameters, we do the counterfactual analysis for the welfare and productivity impact and how it changes with the determinant of employment formalization. Such analysis will break new ground for the study of structural change in developing economies. According to the reaction of the audiences, our research are accepted. What’s more, through interacting with the professors, I am able to receive plenty of useful suggestion and comment, which helps us improve the work in the future.

During the conference, I expand my network through meeting a lot of famous researchers and making friend with them. By talking with them and listening to their presentation, I have learnt a lot knowledge and accumulated experience. In the same time, making presentation in such an important academic conference strengthens my confidence in pursuing further achievement in my future career. The experience of GCREC & AsRES 2017 makes me realize the benefit from joining conference and communication, and therefore, I shall seek to participate more international academic meeting.

Speaker: Guo Xiangyu

The 2017 International Joint Conference of AsRES and GCREC was held in Taichung during July 9-12, 2017. I presented my research paper “Locally Weighted Quantile House Price Indices and Distribution in Japanese Cities, 1986-2015” in the session of “Housing Price & Appraisal”. Professor Chang-Moo Lee from Hanyang University, who is the president of AsRES in the next year, chaired the session and discussed my paper. I got valuable suggestions from his discussion.

In addition, Robert Shiller, Nobel Price-winning economist, gave the keynote speech “Asset Price Inflation in Housing, Stock and Bond Markets.” I learn a lot from his speech of speculative bubbles from irrational exuberance.

Speaker: Wang Long

During 9-12 July, 2017, I attended the AsRES conference 2017 in Taichung, Taiwan. AsRES is one of the top conference in Real Estate Field, which attracts experts and Ph.D students from all over the world. As a Ph.D student, I can catch a glimpse of the forefront of urban economics and real estate finance. This is a great platform to generate ideas and build connections in the field.

At the panel session “Global Real Estate Investment”, I presented my paper “Corruption and Information Asymmetry: Evidence from Global Real Estate Investments”. This is my first time I presented this paper and I got many valuable comments from my discussant and the audiences. In addition, presenting the paper in public is a rare opportunity to develop my skills to tell the story and sell the paper.

More important, the academic conference provided us a platform to communicate with those experts from different universities. This is a great opportunity for Ph.D students to gain important information regarding the research, as well as the career. E.g., Prof. Somerville from University of British Columbia shared his life experience and insights in research. Besides, I met with a lot of Ph.D candidates and exchange the information about the job market.

The 2017 AREUEA-International Conference, a leading conference to address global development in international topics that affect real estate and urban economics, was held on July 4-5, 2017, in Amsterdam, Netherlands.

During the conference, I was able to attend numerous sessions and focus on topics that directly related to my research interests. I have two papers accepted by the organizers of this conference, and I also served as a discussant to comment another paper in the session.

I presented a paper “The Privilege of Power and Wealth- Evidence from China's Urban Land Market”, which ia a joint work with my co-author, Long Wang. This paper examines the underlying mechanisms that drive the price premiums in land auctions using a unique and representative dataset of 316,320 transactions from 2000 to 2016 in approximately 2,300 counties of urban China. We find that the starting bid fully explains the price premium that the SOE paid as land prices were bid up in the acquisition of quality land parcels, whereas the relatively weak bargaining power of individual buyers contributed to the price premiums they paid. The difference-in-difference estimations show that the “Economic Stimulus Program” significantly increased the price premiums the SOEs paid for land acquisition during this time period, and the price premium decreased over time with the depletion of these distributed funds.

In a parallel session, my co-author Tsur Somerville presented another paper, “Trying to Slowdown a Freight Train: An Evaluation of Chinese Macro-Policies to Slow the Housing Market”. This paper examines the effectiveness of Chinese government macroprudential policies in slowing their housing market. In late 2010 and early 2011 the Chinese government imposed a variety of restrictions on the number of houses individuals could buy, what sources of funds they could use for down-payments, and the minimum size of these down-payments. We use the difference-in-difference type tests to identify the effectiveness of the policies and find that the policies were ineffective in slowing the housing market much beyond an initial short-run negative effect on volume.

I received constructive comments and criticisms to improve our papers during the conference sessions. In addition to the conference sessions, the networking opportunities at the conference appealed to me, as did the opportunity to learn from many good researchers in my field. I have known many academics and professionals from different countries who have similar research interests. I was very pleased with all I received at the conference and hope to attend the conference again in the future.

The 2017 CES Annual Conference in China was held during June 10-11, 2016, in Nanjing University, China. I presented my paper “What are the side effects of housing market interventions: a 'limits of arbitrage' approach?”.

During the conference, I obtained several new research ideas through talking with other participants. However, I did not gain many suggestions on my presented paper. As each presentation is only given 16 minutes and there is no discussant.

The conference is beneficial in the following three aspects. Firstly, it invites some big authors and experts who know China problems very well. For example, keynote speaker Dr. Chong-En Bai (as shown in the below Figure) and Dr. Min Ji introduced their understandings about China’s financial issues. Dr. Yinxing Hong introduced China’s institutional issues.

Secondly, it covers hot economics topics of all fields. Although my research focuses on real estate, many methods and understanding in other fields are very inspiring. For example, I meet with an expert who focuses on race problem. During our discussion, I mentioned that Singapore’s race problem related to housing has been sufficiently studied, while he raised several new ideas which are out of the housing scope.

Thirdly, the conference acts as a good bridge to future job market. Many participants are from different Chinese universities and I gain a lot of information from them.

As a summary, although I did not gain many suggestions on my presented paper, I am still satisfied with my benefits from it.

The International Conference on China Urban Development series was initiated in 2010 and has since become an important platform for fostering academic research, facilitating interdisciplinary dialogue and sharing research findings and experiences with a global academic community on the issues of urbanisation and urban transformation in China. Following three conferences in Hong Kong and Shanghai and two conferences in Cardiff, UK, the 2017 International Conference on China Urban Development comes to London and is hosted by the Bartlett School of Planning, University College London (UCL). Fortunately, my paper titled Characteristic, mechanism, and outcome of urban sprawl in China: a systematic analysis based on the evidence from Wuhan has been accepted in the conference and I’ve presented the main content in the session Chinese urban systems and development. Since London is one of the oldest and most developed mega-cities in the world, and UCL Bartlett School of Planning enjoys the world leading reputation in the urban planning field, the conference has gathered the majority of current famous scholars such as Fulong Wu, Michael Batty, You-tien Hsing, and Anthony G.O. Yeh in the academic community of planning, geography, and urban studies. I’ve exchanged the ideas with these most-cited professors and leaned much on China’s urban research. The whole conference lasted two days and has covered over 30 sessions with different topics and directions. Based on various research papers the planning scholars have reported, the close session of the conference also proposed the coming key focuses and future work needed on China urban development, I got considerable implications from the journey.

The chair of this conference, Professor Wu Fulong, has expressed warm welcome to me and told me that he knows quite a few excellent scholars in the Department of Real Estate, National University of Singapore. He hopes that more academic staff and research students from NUS could join the future meetings and pay attention to China’s urban development.

As a summary, this participation in the Referred Paper Session of the ERES conference meets my expectation on getting academic feedbacks and polishing my paper. Besides, I benefit a lot by talking with researchers and industrial experts who focus on different markets.

As a summary, this participation in the Referred Paper Session of the ERES conference meets my expectation on getting academic feedbacks and polishing my paper. Besides, I benefit a lot by talking with researchers and industrial experts who focus on different markets.

The AREUEA-ASSA – Chicago conference was held during Jan 5-8, 2017. I presented 2 papers:

  • “Asymmetrical limits of arbitrage: micro evidences from the Singapore private housing market and policy implications” in the session of House Price Determination” and
  • “Flippers' sales and market mis-pricing: evidences from the Singapore private housing market” in the session of “Housing Market in Singapore”.

The discussants of the two papers, Prof Wenlan Qian and Weihua Zhao gave a lot of insightful and useful recommendations which are related to issues such as possible endogeneity problem and the future tests. During the conference, I have exchanged ideas with many renowned senior professors and young scholars who share similar research interest as mine, and met with some old friends.

During the conference, I attended sessions beyond real estate related topics, as well as other network sessions, from which I did benefit a lot.

The EUROPEAN REAL ESTATE SOCIETY 23rd Annual Conference was held during June 8-11, 2016, in Regensburg, Bavaria/Germany. I presented my paper “The behaviors of flippers, rental investors and owner-occupiers in Singapore private housing market” in the refereed paper session under topic Housing Economics. During the session, I also acted as the discussant for a very excellent paper which fits my tastes and knowledge base well.