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Profiting from Government Stakes in a Command Economy : Evidence from Chinese Asset Sales
Calomiris, Charles W. - 2010
contrast to the quot;privatization premiumquot; found in earlier work, we find a negative effect of government ownership on …, suggesting that personal ties can substitute for the benefits of government ownership. The quot;privatization discountquot; is … with relatively high welfare payments to employees, which presumably would fall with privatization, benefit …
Persistent link: https://www.econbiz.de/10012759554
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Do Public Firms Respond to Industry Opportunities More than Private Firms? The Impact of Initial Firm Quality
Maksimovic, Vojislav - 2019
We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...
Persistent link: https://www.econbiz.de/10012890903
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Can a Tiger Change its Stripes? Reform of Chinese State-Owned Enterprises in the Penumbra of the State
Harrison, Ann E. - 2019
there are clear improvements in performance post-privatization. The tiger can change its stripes; however, the government …
Persistent link: https://www.econbiz.de/10012894408
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Intellectual Property Rights Protection, Ownership, and Innovation : Evidence from China
Fang, Lily H. - 2016
Using a difference-in-difference approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase is larger in cities with...
Persistent link: https://www.econbiz.de/10012982038
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Grasp the Large, Let Go of the Small : The Transformation of the State Sector in China
Hsieh, Chang-Tai - 2015
Starting in the late 1990s, China undertook a dramatic transformation of the large number of firms under state control. Small state-owned firms were privatized or closed. Large state-owned firms were corporatized and merged into large industrial groups under the control of the Chinese state. The...
Persistent link: https://www.econbiz.de/10013026794
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The Ramsey Problem for Congestible Facilities
Arnott, Richard J. - 2010
In recent years, a new set of models drawing on Vickrey [1969] has been developed to analyze the economics of congestible facilities. These models are structural in that they derive the cost function from consumers' time-of-use decisions and the congestion technology. Standard models, in...
Persistent link: https://www.econbiz.de/10012760029
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The SOE Premium and Government Support in China's Credit Market
Geng, Zhe - 2019
We study how perceived government support for state-owned enterprises (SOEs), can shut out non-SOEs in China's credit market, causing severe segmentation in credit pricing. Since 2018Q2, amid government-led credit tightening, the SOE premium – the difference in credit spreads between non-SOE...
Persistent link: https://www.econbiz.de/10012857737
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Does Costly Reversibility Matter for U.S. Public Firms?
Bai, Hang - 2019
Yes, most likely. The firm-level evidence on costly reversibility is even stronger than the prior evidence at the plant level. The firm-level investment rate distribution is highly skewed to the right, with a small fraction of negative investments, 5.79%, a tiny fraction of inactive investments,...
Persistent link: https://www.econbiz.de/10012861212
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Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation?
Bai, Yan - 2018
We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms' saving and capital misallocation. We first document the features of the data in terms of firm dynamics and debt financing. State-owned firms have higher leverage and pay much...
Persistent link: https://www.econbiz.de/10012923717
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Quality of Public Governance and the Capital Structure of Nations and Firms
Wei, Shang-Jin - 2018
This paper examines the role of public governance quality in determining the composition of a country's external liabilities and the capital structure of firms. In our theory, better institutional quality tends to promote a higher share of foreign direct investment and equity investment in total...
Persistent link: https://www.econbiz.de/10012930847