Jiang, Guohua; Lee, Charles M.C.; Yue, Heng - In: Journal of Financial Economics 98 (2010) 1, pp. 1-20
This study investigates a particularly brazen form of corporate abuse, in which controlling shareholders use intercorporate loans to siphon billions of RMB from hundreds of Chinese listed companies during the 1996-2006 period. We document the nature and extent of these transactions, evaluate...