Working Paper
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...
Read moreDirectors’ 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...
Read moreBonded 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...
Read moreParty 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...
Read moreExploring 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...
Read moreFirm 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...
Read moreInstitutional 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...
Read moreChina'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...
Read moreThe 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...
Read moreChina 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...
Read moreThe 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...
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