Governments worldwide spend trillions of dollars on business support programs. This article examines the implications to investors of phasing out one of these subsidy programs. Our setting takes advantage of a unique quasi-natural experiment, where tax subsidies for Canadian Labour-Sponsored...

This paper examines the relationship between performance persistence and corporate governance (proxied by board characteristics and shareholder structure). We document systematic differences in performance persistence across listed companies in China during 2001-2011, and empirically demonstrate...