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Initial Public Offering and Corporate Governance in China's Transitional Economy

Hsun, Chen-Chien - 2003

that the only industries in which listed companies in China display strong performance are public utilities, transportation …

Persistent link: https://www.econbiz.de/10012469125

The Effect of Capital Structure When Expected Agency Costs are Extreme

Harvey, Campbell R. - 2001

We provide new evidence that debt creates shareholder value for firms that face agency costs. Our tests are unique in two respects. First, we focus on a sample of firms with potentially extreme agency problems. We study emerging market firms where the routine use of pyramid ownership structures...

Persistent link: https://www.econbiz.de/10012470266

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/10012453529

What Do Private Equity Firms Say They Do?

Gompers, Paul - 2015

We survey 79 private equity investors with combined AUM of over $750B about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on IRR and multiples to evaluate investments. Their LPs focus more on absolute performance. Capital structure...

Persistent link: https://www.econbiz.de/10012457533

Leverage-Induced Fire Sales and Stock Market Crashes

Bian, Jiangze - 2018

We provide direct evidence of leverage-induced fire sales contributing to a market crash using account-level trading data for brokerage- and shadow-financed margin accounts during the Chinese stock market crash of 2015. Margin investors heavily sell their holdings when their account-level...

Persistent link: https://www.econbiz.de/10012480693

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 …

Persistent link: https://www.econbiz.de/10012453278

Risk Perceptions, Board Networks, and Directors' Monitoring

Ding, Wenzhi; Chen, Lin; Schmid, Thomas; Weisbach, … - National Bureau of Economic Research - 2021

What makes independent directors perform their monitoring duty? One possible reason is that they are worried about being sanctioned by regulators if they do not monitor sufficiently well. Using unique features of the Chinese financial market, we estimate the extent to which independent...

Persistent link: https://www.econbiz.de/10012585458

The Global History of Corporate Governance : An Introduction

Morck, Randall K. - 2005

This paper presents a synopsis of recent NBER studies of the history of corporate governance in Canada, China, France …

Persistent link: https://www.econbiz.de/10012467625

Ownership and Control in Outsourcing to China : Estimating the Property-Rights Theory of the Firm

Feenstra, Robert C. - 2004

In this paper, we develop a simple model of international outsourcing and apply it to processing trade in China. We … observe China's processing exports broken down by who owns the plant and by who controls the inputs the plant processes …. Multinational firms engaged in export processing in China tend to split factory ownership and input control with managers in China …

Persistent link: https://www.econbiz.de/10012468496

Chinese Capital Market : An Empirical Overview

Hu, Grace Xing - 2018

and is now the second largest in the world. Due to China's tight capital controls, the development of its capital market … bound to change substantially as China becomes more integrated into the global financial system. In this paper, we provide …

Persistent link: https://www.econbiz.de/10012453368

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