The Urban Household Income and Expenditure Surveys, conducted by National Bureau of Statistics, are extensively explored in income distribution studies. However, we find that a survey coverage expansion that includes migrant residents in the urban sample may induce serious data inconsistency...

This paper finds that low-price stocks' earnings announcement returns are significantly lower than those of high-price stocks. In contrast, we do not find such underperformance outside announcement periods. This evidence suggests that the cognitive bias induced by low share prices are corrected...

This paper proposes a framework that decomposes the market risk into three components: upside, downside, and tail risk. Their risk premiums can be estimated using information from either the index options market or the stock market. The estimated premiums from both markets share two important...

This paper develops a novel methodology for structurally estimating a multi-dimensional non-linear pricing scheme with more than one decision variable. Using a rich and unique panel data of residents' electricity consumption, we provide a structural analysis of how economic agents choose their...