On 16th October, the Faculty of Finance at the City University of Macau organized the Third Academic Salon (2024-2025) at the Taipa campus. It was delivered by Dr. Yan Song, Research Associate of the School of Economics, Shandong University. His research paper titled “Extrapolative Households and Strategic Firms: Evidence from China’s Land and Housing Market”. This article investigates the extrapolative behavior of households and the responses of developers in China’s land and housing markets. It finds that higher land premiums lead to increases in transaction prices and the number of nearby houses. Additionally, developers with land reserves near auctioned land pay higher premiums. This supports the view that developers manipulate homebuyers’ behavior.
Dr. Song is a Research Associate of the School of Economics, Shandong University. His research field is educational economics. He has published papers in journals such as the Journal of Economic Behavior & Organization and the Economics of Education Review.
During this Academic Salon, Dr. Song shared his latest research results with the Faculty of Finance, broadening the research horizons of the Faculty of Finance. The Academic Salon organized by the Faculty of Finance at City University of Macau serves as a platform for exchanging academic ideas and fostering academic awareness. With finance as the main focus, we invite senior scholars/experts from academia and the financial industry to engage in research discussions on cutting-edge topics and share industry development trends, aiming to provide a fresh academic experience and thinking model for CityU students and faculty members. Through activities like the Academic Salon, we hope to offer graduate students a better academic platform, encouraging further exploration and research on academic issues.