It is well-known that the presence of serial correlation may result in an inefficient or even biased estimation in time series analysis. In this paper, we consider testing serial correlation when the model error follows a GARCH process which is frequently used in modelling financial data. Two...

Based on a review of existing acculturation models, an adjusted acculturation model was proposed in this study and a scale for measuring an acquirer's acculturation strategy was developed. We designed an experiment to collect data to validate this scale. Using CR values, CITC and EFA, we...

We estimate selection and sorting effects on the evolution of the private return to schooling for college graduates during China's between 1988 and 2002. We pay special attention to the changing role of sorting by ability versus budget-constraint effects as China's education policy has changed...

In this paper, we use new survey data on twins born in urban China, among whom many experienced the consequences of the forced mass rustication movement of the Chinese "cultural revolution," to identify the distinct roles of altruism and guilt in affecting behavior within families. Based on a...

China has witnessed rapid increases in the skill premium over the last few decades. In this paper, we study the short-run effect of capital goods imports on skill premium in China. The surge in capital goods imports, which embody advanced technology, can explain the rising demand for skills in...

The emergence of online platforms for professional services (e.g., cosmetic procedures) represents a natural progression of e-commerce from search and experience goods to credence goods. Due to the deeply consequential nature of professional services and the large information asymmetries between...

We conduct an economic analysis about the impact of human capital on an individual's potential of becoming a leader. The data come from the recent Programme for the International Assessment of Adult Competencies survey (PIAAC). Our human capital indicators include not only traditional measures...

We analyze a new management survey for around 1,000 firms and 10,000 employees across two large provinces in China. The unique aspect of this survey is it collected management data from the CEO, a random sample of senior managers and workers. We document four main results. First, management...

Based on a reduced-form model of credit risk, we explore mispricing in the CDS spreads of North American companies and its economic content. Specifically, we develop a trading strategy using the model to trade out of sample market-neutral portfolios across the term structure of CDS contracts....