This article adopts a new technique, developed by Hurlin (2004), to test for Granger causality between capital structure and corporate operating characteristics including time-invariant, firm-specific effects in heterogeneous panel data from five US industries over the period 1980 to 2002....

While China had been vigorously pursuing economic reform since the late 1980s, it wasn't until the 2005-2006 time period that non-tradable stock reform took place. The case of Hunan Valin Steel provides a rich look inside about the dynamics of the non-tradable share reform in China, and...