This paper examines expected individual stock option return following Coval and Shumway (2001). We get results for individual option returns, e.g. when beta of underlying asset is greater than 0, return of call should be greater than that of underlying asset, while return of put option should be...

We examine the effect of family income on child health using data from the China Health and Nutrition Survey. We find a significant child health/family income gradient for the overall sample of Chinese children. Our preferred specification shows that the income gradient increases with child age...

This paper assesses the impact of the mismatch between a college major and job on college graduates' early career earnings using a sample from China. On average, a major-job mismatched college graduate is found to suffer from an income loss that is much lower than the penalty documented in...

We generalise the Poisson-inverse Gaussian distribution to a three-parameter family, which includes the Poisson and discrete stable distributions as boundary cases. It is flexible in modelling count data sets with different tail heaviness. Although the family only has a closed-form probability...

We obtain new models and results for count data time series based on binomial thinning. Count data time series may have non-stationarity from trends or covariates, so we propose an extension of stationary time series based on binomial thinning such that the univariate marginal distributions are...

This paper analyzes the individual-level differences in returns to education in urban China from 1995 to 2002. We have uncovered substantial heterogeneity in schooling coefficients, and we find that the extent of heterogeneity diminishes over time.

This paper analyzes the gender wage differentials among rural–urban migrants in China using a nationally representative data set. On average, male migrants earn 30.2% more hourly wages than female migrants. The gender wage gap is not uniform across migrants' wage distribution, and wage...

This paper considers the estimation of the error variance after a pre-test of an interval restriction on the coefficients. We derive the exact finite sample risks of the interval restricted and pre-test estimators of the error variance, and examine the risk properties of the estimators to model...