Journal Articles

Permanent URI for this collectionhttps://mro.massey.ac.nz/handle/10179/7915

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Author: search.filters.author.Chang Y-YSubject: search.filters.subject.1501 Accounting, Auditing and Accountability

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    Escaping Air Pollution: Immigrants, Students, and Spillover Effects on Property Prices Abroad
    (Oxford University Press, 2/11/2022) Chang Y-Y; Dasgupta S
    We construct a time series of news coverage about air pollution in China for the period 1977-2019. Our measure of abnormal news coverage (ANC) of China's air pollution is uncorrelated with growth in economic activity or cyclical components of such activity, but strongly correlated with weather-related and atmospheric conditions known to cause air pollution. ANC is associated with more capital flight from China. Focusing on the USA as a destination country, we find that ANC is associated with more Chinese citizens emigrating to US regions with stronger ethnic links to China, and more international students enrolling in US institutions with stronger Chinese student links. US regions with stronger ethnic or educational ties to China experience higher property price growth when ANC is higher. Our study suggests that perception of local environmental risk can have major consequences for the cross-border reallocation of capital and labor. © 2022 The Author(s). Published by Oxford University Press on behalf of the European Finance Association. All rights reserved. For permissions, please email: journals.permissions@oup.com.
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    Capital Inflows and Property Prices: Ethnicity, Education, and Spillovers
    (Cambridge University Press, 15/02/2022) Chang Y-Y; Dasgupta S
    China has experienced significant capital flight over the last two decades. Despite anecdotal evidence that some of this capital has been invested in foreign residential markets, not much is known about its destination and impact. We examine the effects of capital inflows from China on residential property prices and the real economy in the U.S. and global metropolitan areas. We show that inflows had significant effects on residential property markets and employment in regions that (a) have strong ethnic ties to China and (b) are destinations of Chinese students. We document spillovers to geographically adjacent regions without strong Chinese links.