Where legal systems and market forces enforce contracts inadequately, vertical integration can circumvent these transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption. Vertical integration might then enhance returns to political...

Weak institutions ought to deter foreign direction investment (FDI), and mass media stories highlight China's institutional deficiencies, yet China is now one of the world's largest FDI destinations. This incongruity characterizes China's paradoxical growth. Cross-country regressions show that...

In generating fast economic growth, China is also generating growing concern about its environmental record. Using 2000-2009 data, we find that, while spending on environmental infrastructure has visible positive environmental impact, city spending is strongly tilted towards transportation...

We examine the diversification patterns of almost all publicly listed non-financial companies in China during the 2001 to 2005 period. More than 70 percent of the firms in our sample are diversified. We document that patterns of diversification strongly depend on firms' political connections....

China's record-breaking economic growth is evoking increasing concern about unaddressed environmental problems. We show that, while city government spending on environmental infrastructure has a demonstrably positive environmental impact, city spending is nonetheless strongly tilted towards...

In generating fast economic growth, China is also generating growing concern about its environmental record. Using 2000-2009 data, we find that, while spending on environmental infrastructure has visible positive environmental impact, city spending is strongly tilted towards transportation...

China's record-breaking economic growth is evoking increasing concern about unaddressed environmental problems. We show that, while city government spending on environmental infrastructure has a demonstrably positive environmental impact, city spending is nonetheless strongly tilted towards...

In environments where the legal system and market disciplinary forces are weak to enforce contracts, vertical integration is a means to overcome transaction difficulties. Yet, these weak institution environments are also characterised by high government interventions and even corruption....

Where legal systems and market forces enforce contracts inadequately, vertical integration can circumvent these transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption. Vertical integration might then enhance returns to political...