This paper utilizes the non-linear estimation method to simulate the Zipf distribution, and constructs an alternative measure of Hirschman–Herfindahl index (HHI), in order to reveal the real changes in monopoly of China's industrial markets. Based on the annual waves of the Chinese Industrial...

Each year, millions of Chinese high school students sit the National College Entrance Examination (CEE). For the majority of students, the CEE score is the single determinant in whether they gain admission into a college and to what college they enter. The purpose of this paper is to determine...

Each year, millions of Chinese high school students sit the National College Entrance Examination (CEE). For the majority of students, the CEE score is the single determinant in whether they gain admission into a college and to what college they enter. The purpose of this paper is to determine...

This paper studies the effect of ownership structure on workers' incentives for investing in firm-specific human capital. Particularly, we analyse such incentivers and monitoring under employee ownership and capitalist ownership. In our model, the employee-owned firm is a firm bought by its...

Poor protection of private property has limited the access to bank loans by private enterprises in developing and transition economies. Under those circumstances, private entrepreneurs have resorted to various ways of enhancing the "de facto" protection of private property. Using a dataset of...

Recent research suggests that expropriation by controlling shareholders of other shareholders is an important problem in both publicly held and closely held firms. This paper examines how partners in closely held firms can make control-right arrangements to mitigate expropriation and other...

China's investment rate is one of the highest in the world, which naturally leads one to suspect that the return to capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital in China. We find that the aggregate rate of return to...

We compare two pricing strategies -- buffet pricing and usage pricing -- of excludable public goods for social welfare maximization. Buffet pricing is better than usage pricing for low consumer heterogeneity, while the opposite holds for high consumer heterogeneity.