Fang Fang Cai

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Society, and the CIRANO seminar in Montreal for helpful comments. We are grateful to Paul Michaud for his support with the CDA/Spectrum database. We especially thank Russ Wermers for providing us with the characteristic-adjusted stock returns reported in DGTW (1997). We acknowledge the financial support from Mitsui Life Center in acquiring the CDA/Spectrum(More)
NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared Abstract: We examine the relationships between credit(More)
The honeybee waggle dance, through which foragers advertise the existence and location of a food source to their hive mates, is acknowledged as the only known form of symbolic communication in an invertebrate. However, the suggestion, that different species of honeybee might possess distinct 'dialects' of the waggle dance, remains controversial.(More)
We analyze foreigners' and domestic institutional investors' positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that investors might obtain substantial international diversification by(More)
NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be Abstract: Prior to the recent financial crisis, one of the most prominent(More)
  • Justin YfisLin, Fang Cai, andZhou Li
  • 2005
China's transition from a planned economy to a market economy began at the end of 1978. When China startedthe process,the government did not have a well-designed blueprint. The approach to reform can be characterized as piecemeal, partial, incremental, and often experimental. Some economists regard this approach as self-defeating (Murphy, Schleifer, and(More)
This paper describes and decomposes wage differences between female and male workers. The results indicate that females receive low wages because of unequal pay within sectors, and that the wage gap caused by the difference in sectoral attainment is small. The results also reveal that a lion's share of the wage differential between females and males is(More)
When students attempt multiple-choice questions (MCQs) they generate invaluable information which can form the basis for understanding their learning behaviours. In this research, the information is collected and automatically analysed to provide customized, diagnostic feedback to support students’ learning. This is achieved within a web-based system,(More)
With the aid of an analytical framework of the Lewis model revised to reflect the experience of China, this paper examines the country's dualistic economic development and its unique characteristics. The paper outlines the major effects of China's growth as achieved during the course of economic reform and the opening-up of the country: the exploitation of(More)