Working papers – NUS Institute of Real Estate and Urban Studies

Working papers of IREUS researchers and affiliated researchers*

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2026

Agarwal, S., Qian, W., & Zou, X. (2026). Deterrence without enforcement: Credit suspension policy and household debt reduction. SSRN Electronic Journal.

Cao, J., Dai, R., Fan, M., Guo, D., & Qin, Y. (2026). Digital platforms as catalysts for green premium: Evidence from the hotel sector.

Cao, J., Gao, H., & Lin, X. (2026). When the fields fail: Floods and labor reallocation in China [Working paper].

Chen, H., Qian, W., & Wen, Q. (2026). Singles day and consumer spending offline. Available at SSRN 4644663.

Chen, L., Qian, W., Di Wang, A., & Wu, Q. (2026). Deciphering the Impact of BigTech Consumer Credit. In NBER Chinese Economy Working Group Meeting, Fall 2024.

Chen, Y., Chia, L., Fan, M., & Wang, Q. (2026). Large Data Centers Generate Localized Warming.

Chia, L., Fan, M., Hu, S., & Wang, Q. (2026). The Spatial Incidence of Hyperscale Data Centers. Available at SSRN 6500238

Choi, D., Gao, Z., Lam, S. S., Li, T., & Qian, W. (2026). Scared away: Credit demand response to expected motherhood penalty in the labor market. Available at SSRN 4539887.

Fan, M., Grainger, C. A., & Hu, S. (2026). Zoning and Neighborhood Air Quality: Evidence from HOLC Boundaries.

Fan, M., Ma, Z., & Saxena, A. (2026). Beyond Diagnosis: The Hidden Health Burden of Long-term PM 2.5 Exposure. Available at SSRN 6177104.

Fang, D., Qin, Y., Zhang, F., & Zhang, Y. (2025). The Spatial Consequences of Hukou Reform. Available at SSRN.

Gao, Q., Li, B., & Qin, Y. (2025). Global Plastic Waste Reallocation and Pollution: Evidence from China's Import Ban. Available at SSRN 5529098.

Han, Y., Pkhikidze, N., Qin, Y., & Yang, Y. (2025). Rural Roads and Local Economic Development in China (No. 11212). The World Bank.

Jiang, H., Liang, Y., Qin, Y., & Tao, H. (2025). Place-Based Policies, Agglomeration, and Firm Innovation: Evidence from China.

Luo, Y., Qin, Y., & Zhang, M. A. (2026). Regulatory Crowding-Out under Capacity Constraints: Evidence from Multi-Task Environmental Enforcement. Available at SSRN.

Wang, X., Liu, T., & Wang, X. (2026). Enclosed by walls, embraced by trees: Effects of indoor residential crowding and outdoor green space on mental health. Journal of Planning Education and Research. Advance online publication.

Zhang, M., Deng, Y., & Wu, J. (2025). Technological disruption and mortgage lending: Evidence from FinTech entry in China [Working paper].

Zhang, M., Li, J., & Deng, Y. (2026). Consumer bankruptcy and household consumption: Evidence from Singapore [Working paper].

2025

Agarwal, S., Araral, E., Fan, M., & Lu , Y. (2025). Water Conservation in High-rise Buildings: Evidence from Singapore. Available at SSRN 5209137.

Agarwal, S., Bhattacharya, J., Li, Z., & Shen, X. (2025). Period Relief: The Effects of Menstrual Hygiene Tax Exemptions. Available at SSRN 5858502.

Agarwal, S., Chan, K. C., Xie, R., & Xu, N. (2025). Shaping Green Legacies: Sibling Influence in Family Firm Emissions. Available at SSRN 5288764.

Agarwal, S., Chen, Y., Fan, M., Qin, Y., & Saxena, A. (2025). Buzzworthy Solutions: Dengue Control and Energy Consumption. Available at SSRN 5386711.

Agarwal, S., Chua, Y. H., He, J., Li, B., & Luo, S. (2025). Insuring against the Heat. Available at SSRN 5377467.

Agarwal, S., Das, A., Ghosh, P., Srinivasan, A., & Zhang, M. (2025). A Nudge to Female Home Ownership and Mortgage Market Outcomes. Available at SSRN 5287341.

Agarwal, S., Fan, M., Ghosh, P., Han, Y., Qin, Y., & Saxena, A. (2025). Eating Smart: Reducing Unhealthy Food during High Pollution. Available at SSRN 5209064.

Agarwal, Sumit, Ghosh, P., & Zhan, C. (2025). Heat Exposure and Mortgage Lending: Evidence from India. Available at SSRN 5246671.

Badarinza, C., & Ramadorai, T. (2025). International Dimensions of Housing Markets. Available at SSRN 5342263.

Cao, J., Dai , R., Fan , M., Guo , D., & Qin, Y. (2025). Building Climate-Resilient Mobility: Infrastructure Adaptation and Travel Behavior Responses to Flood Disruptions. Available at SSRN 5227123.

Cao, J., & Li, Z. (2025). AI for Fairness? The Role of Generative Tools in Shaping Freelancer Success. Available at SSRN 5346514.

Chua, Y. H., Lin, P.-S., & Sing, T. F. (2025). Mobility and Fertility: Evidence from High-Speed Rail in Taiwan. Available at SSRN 5231504.

Fan, M., & Cao, J. (2025). The Illusion of Free Electricity: Household Responses to Solar Panel Program in Singapore. Available at SSRN 5209129.

Li, L., Qian, W., Ren, Y., & Wang, W. (2025). Interest Rate Changes and Portfolio Rebalancing in the Digital Era: The Role of E-Wallet. Available at SSRN 5769402.

Li, Y., Qin, Y., & Wang, W. (2025). From Employer Responsibility to Environmental Irresponsibility: Unintended Impacts of Social Insurance Law on Pollution Emissions. Available at SSRN 5147327.

Li, Z., & Tsai, H. T. (2025). Vertical Control and Retail Competition: Evidence from Consumer Battery Industry. Available at SSRN 5849862.

Li, J., Zhang, J., & Ghosh, P. (n.d.). When Jane Goes Green and John Stays Put: The Gender Gap in Sustainable Investing.

Liu, D., Qin, Y., & Zhan, C. (2025). Heat, Shade, and Pedestrians: Leveraging Street View Images with Computer Vision. Available at SSRN 5328429.

Qian, W., Song, K., Yang, Y., & Zou, X. (2025). Regulating Plastic Bags: Evidence from China's Supermarket Industry. Available at SSRN 5733862.

2024

Agarwal, S., Alok, S., Correia, S., Mani, D. & Morais, B. (2024). Transportation Technology and Gentrification: Evidence from the entry of Ridesharing Service. Available at SSRN: http://dx.doi.org/10.2139/ssrn.4965150

Agarwal, S., Alok, S., Ghosh, P. & Zhang, X. (2024). Why Do Financially Unconstrained Individuals Respond to Higher Credit Limits?. Available at SSRN 4954242.

Agarwal, S., Ang, S. H., Wang, Y. & Zhang, J. (2024). Cash-Back Rewards: Effects on Spending and Debt Accumulation. Available at SSRN 4980624.

Agarwal, S., Chia, L. E. & Ghosh, P. (2024). Bridging the Educational Divide: The Effects of Mobile Network Connectivity on Student Enrollment and Academic Performance. Available at SSRN 4947366.

Agarwal, S., Chua, Y. H., Ghosh, P., Ghosh, S. & She, L.. (2024). Mortgages, Subways and Automobiles. Available at SSRN 5036980.

Agarwal, S., Fan, M., Ghosh, P., Sarkar, A. & Zhang, X. (2024). Developer Transparency and Mortgage Access: Expanding Homeownership. Available at 4943894.

Agarwal, S., Qian, W., & Zou, X. (2024). Liquidity Constraint Threat and Household Indebtedness. Available at SSRN 4440857.

Badarinza, C., Ramadorai, T., Siljander, J., & Tripathy, J. (2024). Behavioral lock-in: Aggregate implications of reference dependence in the housing market. SSRN Electronic Journal. doi:10.2139/ssrn.4693047

Chen, L., Qian, W., Wang, A. D., & Wu, Q. (2024). Deciphering the Impact of BigTech Consumer Credit.

Du, X., Qin, Y., & Xie, Y. (2024). Green regulation, trade friendliness, and local policy adaptation. SSRN Electronic Journal. Available at SSRN 4779479.

Fan, M., Agarwal, S., Eraral, E., Qin, Y., & Zheng, H. (2024). From Efficiency to Excess: Understanding Energy Usage in Green-Certified Homes.

Lee, K. O., Lee, H., & Lee, J. (2024). Geographic restrictions for COVID-19 stimulus spending and public health outcomes: Using big data in Seoul, South Korea. doi:10.21203/rs.3.rs-3766699/v1

Naaraayanan, S. L., Mukherjee, A., Agarwal, S., Ghosh, P. (2024). Rural roads, small business creation, and the gender-gap in entrepreneurship. Available at SSRN 5020984.

Neo, D. J., & Sing, T. F. (2024). Doing good and doing well: The relationships between ESG and stock returns of REITs. SSRN Electronic Journal. Available at SSRN 4709171.

Qian, W., Tu, H., Wu, J., & Xu, W. (2024). Unintended Consequences of Demand-side Housing Policies: Evidence from Household Reallocation of Capital. Available at SSRN 3558307.

Qian, W., Yuan, C., Zhan, C., & Zhang, L. (2024). Quantifying the Association between Micro-Level Urban Heat and Property Prices.

Qin, Y., Li, K., Wang , Q., & Wu, J. (2024). Subsidized Credit Supply and the Housing Market: Evidence from the Housing Provident Fund System in China.

Qin, Y., Qin, P., Li, J., & Tan-Soo, J. S. (2024). Varied Impacts of Different Types of Water Tariffs Reforms on Household Water Usage.

Sing T. F. (2024). Understanding the Pricing Dynamics of ESG Bonds from the Corporate Issuer's Perspective. Available at SSRN 4771958.

2023

Agarwal, S., Araral, E., Fan, M., Qin, Y., & Zheng, H. (2023). The effects of policy announcement, prices, and subsidies on water consumption. SSRN Electronic Journal. doi:10.2139/ssrn.4318217

Agarwal, S., Ding, Y., Kuang, W., & Zhu, X. (2023). Are environmental punishments good news or bad news? Evidence from China. Journal of Environmental Economics and Management, 120, 102847.

Agarwal, S., Fan, Y., Qian, W. & Sing, T. F. (2023) Affordable Public Housing and Intergenerational Mobility. Available at SSRN 3993882

Agarwal, S., Qian, W., Ren, Y., Tsai, H.-T., & Yeung, B. Y. (2023). The real impact of FinTech: Evidence from Mobile Payment Technology. SSRN Electronic Journal. doi:10.2139/ssrn.3556340

Agarwal, S., Qian, W., Ruan, T., & Yeung, B. Y. (2023). Supporting Seniors: How Low-Income Elderly Individuals Respond to a Retirement Support Program. Available at SSRN 3611637.

Badarinza, C., Balasubramaniam, V., & Ramadorai, T. (2023). In Search of the Matching Function in the Housing Market. Available at SSRN.

Diao, M., McMillen, D. P., & Sing, T. F. (2023). A quantile spatial-autocorrelated difference-in differences (QSDID) regression analysis of housing price changes distributions near urban rail transit stations. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4549920

Fan, Y., Wang, C., & Xu, K. (2023) Announcement of Northern Metropolis Plan Raises Housing Prices, Consumption, and School Enrolment, though Inconclusive on Inequality. Available at SSRN 4620663.

Gu, Q., He, J., Qian, W., & Ren, Y. (2023). The effect of wealth shocks on shirking: evidence from the housing market. Available at SSRN 3189933.

Han, Y., Li, M., & Qin, Y. (2023). Haze and crime: Evidence from court judgments in China. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4382021

Lee, K. O., & Yeung, H. (2023). Multiple Dimensions of Green Spaces and Their Interaction with Mental Wellbeing: A Comparative Analysis between Singapore and Hong Kong (No. eres2023_87). European Real Estate Society (ERES).

Tu, Y., Yaopei, W., Fan, Y., Yang, Y., & Lee, J. Z. X. (2023). New Aging-in-Place Model with Spatial Analytical Framework to Evaluate Aging-in-Place Policy: Evidence from a City State of Singapore. Available at SSRN 4487071.

Zheng, H. (2023). Climate Policy and Sustainable Investments around the World.

2022

Agarwal, S., Fan, Y., Qian, W. & Sing, T. F. (2022). The Role of Consumption in Marriage Commitment: Evidence from Singapore’s Build-to-Order Program. Available at SSRN 3975080

Agarwal, S., Fang, X., Goette, L., Schoeb, S., Sing, T. F., Staake, T., ... & Wang, D. (2022). Goal-Setting and Behavioral Change: Evidence from a Field Experiment on Water Conservation.

Agarwal, S., Ghosh, P., Li, J., & Ruan, T. (2022). Digital payments and consumption: evidence from the 2016 demonetization in India. Available at SSRN 3641508.

Agarwal, S., Ghosh, P., & Zhang, J. (2022). Tax policy transmission and household expenditures. SSRN Electronic Journal. doi:10.2139/ssrn.4093637

Agarwal, S., Qin Y., Sing T. F., & Zhan C. (2022). “Impacts of Sea Level Rise Risks on Real Estate Prices: Evidence from Singaporean Government’s Announcement” Nature Climate Change

Agarwal, S., Seiler, M. J., & Siebert, R. (2022). Do as essay, not as I do? how inflated list prices of unsold essayer homes affect the price discovery process. SSRN Electronic Journal. doi:10.2139/ssrn.4260262

Agarwal, S., Sing, T. F., & Sultana, M. (2022). Public Media Campaign and Energy Conservation: A natural experiment in Singapore. SSRN Electronic Journal. doi:10.2139/ssrn.4020246

An, L., Pan, Y., & Qin, Y. (2022). Extrapolative Beliefs and Financial Decisions: Causal Evidence from Renewable Energy Financing.

Lee, K. O. (2022). Railway sound barriers and housing prices. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4021335

2021

*The full list of working papers from the last 5 years can be accessed here.

Working papers of IREUS researchers and affiliated researchers*

National University of SingaporeInstitute of Real Estate & Urban Studies

National University of Singapore
Institute of Real Estate & Urban Studies