A fundamental idea in modern asset pricing is that risk aversion may be time varying and countercyclical (Campbell and Cochrane 1999). Existing evidence is scant and based mostly on experimental or survey data. We aim to test this key assumption using a large panel of real-world transaction...

This paper conducts an empirical study by province level data to analyze the relationship between China's human development and economic growth. The results of this study show that improvements of human development are followed by faster economic growth and influences of human capital derived...