Are Rising College Premiums Capitalized into House Prices? Evidence from China
研究中国2003年后部分地区房价飙升是否与将大学入学资格与本地购房挂钩的政策变化有关，发现该政策变化后，在能优先进入精英大学的地区，购房可能性显著增加，存在资本化效应。
Abstract Many areas in China experienced steeply rising house prices beginning in 2003. We test whether a change in local residency requirements may have played a role in driving up house prices in some places by tying access to Chinese universities to local homeownership status in the presence of a rising college premium. We generate a novel dataset that combines China housing market and neighborhood data with household and university admission data. We find evidence of capitalization effects and a sizable increase in the likelihood of homeownership postpolicy change in places with the greatest preferential access to China's elite universities.