In India companies with substantial foreign direct investment can register as private companies irrespective of the size of their operation whether in India or abroad. Under the Indian company law private companies can prevent public access to certain critical information on their operations....

This paper presents theory and evidence to show that imperialism was a major factor impeding the spread of the industrial revolution during the century ending in the 1950s. Two empirical results stand out. First, analysis of historical evidence shows that most sovereign countries were...

In his Inquiry into the Nature and Causes of the Wealth of Nations Adam Smith (1776) considered the phenomenon of division of labor so enormously significant for the creation of a nation’s wealth that he devoted the first three chapters of his book to an investigation of this process. This is...

India’s actual export specialisation in IT services is unrivalled by any comparable country and it is evidence of a strong comparative advantage. This paper finds that India owes its IT specialisation in part to its reliance on offshoring - driven by the supply of well-educated,...

At its 19th National Congress, the Communist Party of China vowed to "strengthen the financial sector’s ability to serve the real economy." However, many studies provide evidence of the opposite trend, a problematic “transition from the real to the virtual,” among Chinese enterprises....

Using a sample of state-owned enterprises (SOEs) listed on the Shanghai and Shenzhen Stock Exchanges during the 1999-2009 period, we investigate the effects of overemployment on executives’ pay-for-performance sensitivity (PPS) and analyze how the behavior of firms with high/low PPS affects...

Since its foundation, China’s government auditing system has played a very important role in maintaining financial and economic order and improving government accountability and transparency. Though a great deal of research has discussed the role of government auditing in discovering and...

In this paper, we describe how Shenzhen A-share listed companies used funds raised in over-financed IPOs during the 2006–2010 period. In exploring the relationship between internal corporate governance and the use of funds raised in over-financed IPOs, we find that the use of such funds to...

This study examines the effects of China’s 2008 trading ban regulation on the insider trading of large shareholders in China’s A-share market. It finds no evidence of insider trading during the ban period (one month before the announcement of a financial report), due to high regulation risk....