This paper comprehensively investigates risk premia in Chinese commodity markets, which are very different from the US markets because of the heavy regulation that attempts to prevent speculation with time-contingent margining and forced liquidation rules, and market participation that is...

This paper studies the impact of having a cadre parent on the labor market performance and channels of the intergenerational transference. Using a recent data set, we find that college graduates with a cadre parent earn a wage premium of 4.46 percent more than those without. They also...

This paper examines the effect of mainland Chinese buyers' housing purchase in Hong Kong. Contrary to media's allegation on mainland buyers causing huge bubbles in Hong Kong housing market, we find that mainland buyers only constitute less than 4% of housing transactions in Hong Kong from 2001...

This paper provides the first theory and evidence on the role of presale policies in the residential housing market. We start with constructing a novel dataset of unfinished projects, presale policies, and land auction outcomes across 270 major cities in China. We then identify 2,330 unfinished...