China

Split Share Structure Reform, Corporate Governance, and the Foreign Share Discount Puzzle in China

Finance and Ideology: The Firm-level Channels

We provide firm-level evidence on how politicians’ ideologies affect economic outcomes and financial development by exploring a unique setting of...

Directors’ Incentives from Potential Regulatory Penalties: Evidence from their Voting

What makes independent directors perform their monitoring duty? One possible reason is that they are concerned about being sanctioned by regulators if...

Bonded to the State: A Network Perspective on China?s Corporate Debt Market

A corporate bond market is thought to play an important role as a supplement to bankoriented financial systems in emerging markets ? functioning in...

Party Building or Noisy Signaling? The Contours of Political Conformity in Chinese Corporate Governance

We examine responses by Chinese firms to a “party-building” policy launched by the Chinese Communist Party (CCP) in 2015 to reform China’s...

Exploring China’s Dual-Class Equity Structure: Investor Protection Measures and Policy Implications

Mainland China traditionally maintained the one-share-one-vote (OSOV) principle. Since 2019, however, Chinese authorities have introduced rules...

Firm Response to Competitive Shocks: Evidence from China’s Minimum Wage Policy

The large regional variation in minimum wage levels in the period 2002-08 in China implies that Chinese manufacturing firms experienced competitive...

Institutional Investors in China: Corporate Governance and Policy Channeling in the Market Within the State

The extraordinary rise of China’s economy has made understanding Chinese corporate governance an issue of global importance. A rich literature has...

China's Pseudo-monetary Policy

China?s monetary stimulation boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 to 11.9% in the first quarter of 2010. Amidst...

The Externalities of Corruption: Evidence from Entrepreneurial Firms in China

Exploiting China’s anti-corruption campaign, we show that following a decrease in corruption, firm performance improves. Small and young firms...

China and the Rise of Law-Proof Insiders

Alibaba, the e-commerce giant that completed a record-setting IPO in the United States in 2014 and was valued at over $700 billion in early 2021, is one of...

The Brain Gain of Corporate Boards: Evidence from China

We study the impact of directors with foreign experience on firm performance in emerging markets. We use a unique dataset from China and exploit that at...