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  • Author or Editor: Liping Wang x
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The equity premium puzzle is found during the test of the Consumption-based Capital Asset Pricing Model (CCAPM) with aggregate consumption data. Because of income disparity, many consumers lack financial assets to intertemporally allocate their consumptions under income constraints. Thus, it is likely to lead to a specification error by employing aggregate consumption data to test the CCAPM. This paper examines the impacts of the economically constrained (low-income) consumers and unconstrained (high-income) consumers on the CCAPM using urban consumption expenditures in China delineated by consumer income, and tests the income constraint hypothesis. The empirical results show that the CCAPM is not more consistent with the consumption pattern of the higher-income consumers. Including the income constraint into the analyses of the consumption and asset returns does not unravel the equity premium puzzle.

In: Frontiers of Economics in China
Chinese Policies and the Ethnic Turn in Inner Mongolian Politics, 1900-1930
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How did inter-ethnic solidarity become attenuated in the era of the Chinese imperial transformation (1900-1930)? Based on Inner Mongolian cases, this book examines the transformations effective in the policy domains of land affairs, military organization, and law, which were initiated to strengthen state centralization, yet resulted in the sharpening of ethnic boundaries.
Using unpublished archival sources, this book benefits from three key strengths. It addresses the question of Mongol-Han relationship in the early Republican period (1911-1930), it illuminates the details of imperial administration and its changes along with the shift of the regime, and it explores the theoretical potentials of the near frontier approach and positions the Chinese imperial transition within a comparative perspective.
In: The Imperial Creation of Ethnicity
In: The Imperial Creation of Ethnicity
In: The Imperial Creation of Ethnicity
In: The Imperial Creation of Ethnicity
In: The Imperial Creation of Ethnicity
In: The Imperial Creation of Ethnicity
In: The Imperial Creation of Ethnicity
In: Journal of Chinese Philosophy