报告题目：The Last Mile Matters: Impact of Bike Sharing on Subway Housing Premium
报告摘要：Dock-less sharing bikes provide a convenient and affordable commuting means for urban residents. In cities where people rely on subway in daily commuting, sharing bikes reduce the travelling time and cost between home and subway stations and thus make subway more accessible for people living distant from subway. Should the benefits of sharing bikes be capitalized in housing prices, the price gap between apartments distant from and proximate to subway stations will be narrowed. Using a random sample of resale apartments in 10 major Chinese cities that have a combined population of 152 million, we study how bike sharing affects subway housing price premium, examine moderating factors, and explore possible mechanisms. We find the entry of dock-less sharing bikes in 2016-17 reduces price premium by 31 percent and eliminates the difference in apartments’ propensity to sell and time on market. Our finding is robust to alternative sample selection criteria, model specifications, changes in regulations on housing purchase, and inclusion of subway network characteristics. The dampening effect of bike sharing on housing price premium is moderated by city population, subway network extensiveness, automobile ownership, and competitiveness of local housing markets. A further investigation reveals that the results arise from both the supply side and the demand side, as property owners and buyers respond in a positive way to the entry of sharing bikes. The narrowing gap in housing prices is driven more by the upswing of prices in distant apartments than the downswing of prices of proximate apartments, suggesting bike sharing primarily benefits property owners.
报告人简介：楚军红博士现任新加坡国立大学市场营销系副教授。她本科毕业于北京大学，于2006年获得芝加哥大学市场营销系博士学位。楚军红教授主要使用定量方法从事市场营销领域的研究，研究方向包括渠道管理，电子商务以及高技术市场中的消费者和企业行为。楚军红教授的研究发表在Marketing Science, Journal of Marketing, Journal of Marketing Research, Journal of Interactive Marketing等国际顶级管理学期刊中，在市场营销领域具有较高的学术威望和影响力。