principal targets of reforms, among SOEs, and better performing enterprises being more likely to be picked for privatization … better than those in which the majority of shares are owned privately. We find mixed evidence for the TVEs: privatization had …

China's reform worked and produced one of the most impressive growth in the largest developing and transition economy … in the world in the past twenty-two years. That China has managed to grow so rapidly despite the absence of many … initial conditions and to function as stepping stones in the transition toward the goal. Underlying China's reform is a serial …

This paper provides the first systematic evidence on compensation for executives of firms listed in China’s emerging …, using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002 (data modeled after Compustat … shareholder value in China. The size of the estimated sensitivities imply that a 1000 RMB increase in shareholder value yields a 0 …

structuural reforms, privatization, financial discipline and improvements in corporate governance are absent or slow; the need for …