NBER

Hanming Fang, Long Wang, Yang Yang

NBER Working Paper No. 26906
Issued in March 2020

---- Acknowledgments ----

We are grateful to Jere Behrman, Xi Chen, Ming Li, Xincheng Qiu, Yao Zeng for useful comments and suggestions. All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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