Data from the Current Population Survey (for the U.S.) and from the 1986 Hong Kong By-census and the 1991 Hong Kong Census were used to study the following issues: (1) What is the incidence of adequate schooling, overschooling and underschooling in the two countries, and has it changed between 1986 and 1991? (2) What are the wage consequences of adequate schooling, overschooling and underschooling, and have they changed over time? Also, are the results influenced by labor market experience?

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