Abstract:Abstract-Many academics criticized municipal governments and state-owned enterprises (SOEs) promote land prices to increase. The criticism is based on the assumption that land prices reflect the true information in the land transactions. However, municipal governments and SOEs might be misled by information hidden in land prices. Land prices are a part of construction costs. My contribution was to find out whether construction costs provide misleading information. The methodologies were based on the fixed-effe… Show more
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