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...

Risk Perceptions, Board Networks, and Directors’ Monitoring

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

Incentives and Outcomes: China's Environmental Policy

China?s record-breaking economic growth is evoking increasing concern about unaddressed environmental problems. We show that, while city...

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...

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...

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...

The State as Owner - China's Experience

This essay explores China’s experience with state ownership of business enterprise. After a short historical survey of the rise, fall, and...