According to wikipedia:
A Paper yo-yo is a kind of toy that is solely made of a stick and a long roll of paper. When the stick is flicked by hand, the roll of paper extends outwards. When the stick is brought upright (or sometimes simply on its own), the paper compacts again. The spring motion of the paper (bouncing back and forth from the user to open air and back again) is similar to that of the Yo-yo, giving the toy its name. It is also known as a Paper Laser.
Ours are approximately 20cm long. The are made from paper and have a plastic handle.