This article serves as an introduction to the five articles submitted for the special issue on IPE in China. In addition to summarizing the special issue articles on key themes in IPE, we outline the genesis of IPE as a field of study inside China, detail the core characteristics of Chinese IPE,...

We show that when investors review their consumption and investment plans infrequently at different points in time with interim information flow the standard consumption-based capital asset pricing model (CCAPM) will continue to hold only at those points in time when all investors review their...

When consumption betas of stocks are computed using year-over-year consumption growth based upon the fourth quarter, the CCAPM explains the cross-section of stock returns as well as the Fama and French (1993) three-factor model. The CCAPM's performance deteriorates substantially when consumption...

This study employed a clustering algorithm and a logistic regression analysis to examine the relationship between cropland and demographic attributes obtained at the census block group level. The result indicated that population density, African Americans, and poverty are significantly related...

This paper departs from the conventional assumption of unbounded rationality in the marketplace and investigates the effects of a suboptimal behavior in financial markets. A rule of thumb adopted by a group of agents is proven to be near-rational, in the sense that the costs borne by those...

In this paper, the author examines the existence of stationary equilibria in an overlapping generations model where production shocks are correlated over time. In general, the system is complicated by dynamic indeterminacy and possibility of sunspot equilibria. However, there exists a...

We propose a new microeconomic explanation for the divergent experiences of economies in forming human capital. We suggest that the positive effect of a longer life expectancy on human capital formation arises from two separate effects: a life expectancy effect and a prolonged intergenerational...

This paper documents a hallmark feature of China’s state capitalism as the state controlling the economy in a vertical structure: State-owned enterprises (SOEs) monopolize key industries in the upstream, whereas the downstream industries are largely open to private competition. We develop...

Family businesses and business families existed long before the genesis of historians and economists. In most economies, family business is estimated to represent over two–thirds of all enterprises and accounts for about half of the economic activity and private employment contributing to...