Xie, Deren; Zhang, Mengyu - In: China journal of accounting research : CJAR 14 (2021) 4, pp. 1-24
pledge risk is matched between pledgees and pledgers in China's share pledge market. The results show that, compared with … companies were authorized to compete in the share pledge market in 2013, the pledge risk faced by commercial bank pledgees … further reduced. Our results support that China's share pledge financing market generally achieves an efficient equilibrium in …