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We conduct an analysis of the risk and return characteristics of a number of widelyused fixed income arbitrage strategies. We find that the strategies requiring more “intellectual capital” to implement tend to produce significant alphas after controlling for bond and equity market risk factors. These positive alphas remain significant even after taking into(More)
Under the current economic reform program, various problems about the quality of the population have emerged; dropping out of school is one such problem. In recent years, dropping out of school, has become a prevalent phenomenon. It was estimated that between 1980 and 1987, 40 million primary and middle school students dropped out of school. Drop-outs(More)
  • Gary Zhu
  • Chinese journal of population science
  • 1990
In this paper, the author discusses the extent of international migration from China's Fujian Province and considers the reasons behind the migration. The most recent estimates place China's overseas population at 22.1 million, 19 million (88%) of which are concentrated in Southeast Asia. According to the author's calculations, at least 7 million of(More)
  • Gary Zhu
  • Chinese journal of population science
  • 1994
International Chinese migration has spanned five periods: 1) an initial period of random and short-term migration dating back to the Qing and Han dynasties; 2) a spontaneous period since the Sui and Tang dynasties along trade routes; 3) a transition period during the Ming dynasty and the early Qing dynasty with war, poverty, and population growth as push(More)
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