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Multiple factor flows and heterogeneous premium of urban house prices: Empirical evidence from Chinese cities

Author

Listed:
  • Huang, Xirong
  • Geng, Chen
  • Li, Xiuting
  • Dong, Jichang

Abstract

Notable Regional heterogeneity is commonly observed in housing markets. This study examines how multiple factor flows affect urban house prices and the resulting premium. It utilizes over 100 million pieces of Chinese intercity factor flow data to construct a multi-layer network and introduces a new metric called multiple connectivity quality to measure a city's comprehensive factor connection capability. Empirical analysis reveals that cities with higher multiple connectivity quality tend to exhibit higher price premiums, making them more resilient to market fluctuations. This study offers fresh insight into regional heterogeneity within housing markets and holds practical significance for stabilizing these markets.

Suggested Citation

  • Huang, Xirong & Geng, Chen & Li, Xiuting & Dong, Jichang, 2024. "Multiple factor flows and heterogeneous premium of urban house prices: Empirical evidence from Chinese cities," Finance Research Letters, Elsevier, vol. 69(PB).
    • Handle: RePEc:eee:finlet:v:69:y:2024:i:pb:s1544612324013163
    DOI: 10.1016/j.frl.2024.106287
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    More about this item

    Keywords

    House prices; Heterogeneous premiums; Multiple factor flows; Multi-layer network; Panel data model;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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