constraints in the enterprise sector in China and the transition countries of Central and Eastern Europe and the former Soviet … Union (CEEFSU). The paper finds that: (1) in both CEEFSU countries and China, budgetary subsidies have fallen as prices have … both CEEFSU countries and China typically impose hard budget constraints on each other; levels of trade credit in China …

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 …

prosecution under the civil code. We analyze the impact of this "legislative shock therapy" on the economy during the period and … introduce a bankruptcy track in a transition economy that can both transfer control of the firm from management to creditors and …

Foreign-invested enterprises (FIEs) are now an important component of the Chinese economy. Since 1992, the growth of …. This paper uses data from 39 industries in China for a period of three years (1995-1997) to explore the institutional …