The U.S. capital market is based on the efficient flow of information to all investors, not just the large, institutional investors that dominate today's markets. Investigating the flow of information to uninformed market participants, we examine whether ambiguity in the market leads to an...

State-owned enterprises (SOEs) are both the economic and political bases of the Chinese Communist Party (the Party) and the Chinese state. The overarching principle of SOE reform is to firmly implement the Party’s leadership and the modern enterprise system. This principle creates a political...

This study examines the link between effective tax rates (ETR) and political connections in developing economies. The political connections explanation is informed by the observation that developing economies tend to be relationship-based rather than market-based capitalisms. Two proxies of...