Dong, Yan; Leung, Charles Ka Yui; Cai, Dongliang - In: International Real Estate Review 15 (2012) 2, pp. 141-164
This paper attempts to shed light on the over-investment debate by investigating listed firms in China. Firms with a higher level of fixed asset holding and overhead expenses, and covered by preferential tax policies in China are found to be associated with lower risk-adjusted performance. In...