Entertainment and Travel Costs (ETC) is a standard expenditure item for Chinese firms with an annual amount equal to … findings have important implications on how to effectively curb corruption …

transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption … political rent seeking is substantial, firm value might rise as economy performance decays. China offers a suitable background …

China, where a quarter of firms' R&D expenditures come from government subsidies. Using a difference-in-differences approach … subsidy awards and depressed the influence of their corruption-related expenditures. We also examine the impact of these … changes: subsidies became significantly positively associated with future innovation after the anti-corruption campaign and …

after accidents occur. Our findings emphasize the social costs of political connections, and suggest that appropriate … regulatory incentives may be useful in mitigating these costs …

China's markets gained 3.86% around December 4, 2012, when the Party announced anti-corruption reforms. State …-owned enterprises (SOEs) with higher past entertainment and travel costs (ETC) gained more. NonSOEs gained in more liberalized provinces … liberalized provinces, especially those with high past ETC. These findings support investors' expect reduced official corruption …

This paper studies the urban land market in China in 2003--2007. In China, all urban land is owned by the state … sales are viewed as a major venue for corruption, prompting a number of reforms over the years. Reforms now require all … which we call a "two stage auction". The latter type of auction seems more subject to corruption, and to side deals between …

We document evidence of corruption in Chinese state asset sales. These sales involved stakes in partially privatized … with deal attributes associated with misgovernance and corruption. Sales by "disguised" owners that misrepresent their …