We construct a new measure to capture corporate political connections, which is based on the amount a corporation spends on socializing with government officials. We examine the validity of this measure using the exogenous turnover of top local officials and find that firms increase their...

Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States. We use US-listed Chinese firms as our research sample and find that firms that hire top executives (i.e., Chief Executive Officer [CEO] or Chief Financial Officer [CFO]) with...