(1) Background: Many studies have shown that increasing taxation on cigarettes does play a role in tobacco control, but few studies have focused on whether increasing cigarette excise taxes significantly affects alcohol consumption. In this article, we aim to examine the effects of China’s 2015 increase in the cigarette excise tax on residents’ regular drinking behavior. (2) Methods: Using survey data from China Family Panel Studies (CFPS), we performed a panel logit regression analysis to model the relationship between the cigarette excise tax and regular drinking behavior. The Propensity Score Matching with Difference-in-Differences (PSM-DID) approach was adopted to determine the extent to which the cigarette excise tax affected residents’ drinking behavior. To test whether the cigarette excise tax could change regular drinking behavior by decreasing daily smoking quantity, we used an interaction term model. (3) Results: China’s 2015 increase in the cigarette excise tax had a significant negative effect on the probability of regular alcohol consumption among smokers, and the cigarette excise tax worked by reducing the average daily smoking of smokers. We also found that the regular drinking behavior of male smokers was more deeply affected by the increased cigarette excise tax than females. (4) Conclusions: Our research results not only give a deeper understanding of the impact of the cigarette excise tax, but also provide an important reference with which to guide future decisions concerning excise taxes imposed on cigarettes.

Introduction: There is relatively little research on the impact of government cash subsidies on health risk behaviors of the elderly in China. We thus analyzed the effect of pension subsidies on the smoking and drinking behaviors of rural elderly using a pension scheme introduced in rural China...

Based on their own quality measure, Asness et al. (2019) document that quality stocks significantly outperform junk stocks. In this article, we attempt to explore the quality-based return patterns from behavioural perspective. The empirical findings demonstrate that the relative performance of quality stocks exhibits significant mood seasonality, i.e. the return spreads of quality and junk stocks decrease (increase) during high (low)-mood months. Furthermore, we also find that the return spreads exhibit significant mood recurrence and reversal effects proposed by Hirshleifer et al. (2020). All of these findings support the argument that mood would be an important source for the outperformance of quality stocks.