We study the asymptotic distribution of three-step estimators of a …nite dimensional parameter vector where the second step consists of one or more nonparametric regressions on a regressor that is estimated in the …rst step. The …rst step estimator is either parametric or non-parametric. Using Newey’s (1994) path-derivative method we derive the contribution of the …rst step estimator to the in‡...

By empirically testing the scale and structure hypotheses of aging’s impacts on financial market using Tobit, FRM, Heckman selection models, this paper proves that number proportion elderly family members change families’ assets, though without significant effects their overall size. Specifically, aging increases share cash deposits in total assets decreases both quantity percentage investment ...