This paper constructs a theoretical model to illustrate the inherent dynamics between the trade imbalance and the comparative advantage of factor endowment structure under a two-country setting (South vs North). Our model shows that the shift of comparative advantage of factor endowment...

This paper constructs a dynamic model to explore the intertwined dynamics of the rent-seeking activities that are required to compensate losers in a reform and the adoption of different types of structural reforms in transitional economies. By disaggregating the reforming type into structural...

We study the determinants of capital structure, especially the effect of state ownership on corporate debt financing practices in Chinese listed firms from year 2003 to 2015. We employ quantile regression analysis as static model and system GMM as dynamic model to discover whether state...

This paper proposes a theoretical model and shows that the comparative advantage of China's factor endowment allows firms specializing in the midstream stage to gain at least as much as firms that specialize in the two ends of the supply chain (capital-intensive stage and labour-intensive stage)...

This paper uses a Nash bargaining framework to model the causes of the partial reform equilibrium syndrome that characterizes China's state sector. The model demonstrates the nature of the bargain between the principals (i.e., officials from China's State Asset Council) and the agents (large-SOE...

This paper investigates the impact of volatility in profitability shock and capital adjustment cost on aggregate total factor productivity (TFP) in Chinese industries firms. To quantify the effects of volatility and adjustment costs on aggregate TFP, we recover key structural parameters in a...