Using a newly-available World Bank survey of over 28,000 firms from 46 countries, we examine how financial development affects firm innovation around the world. We find that while stock market development significantly enhances firm innovation, banking sector development has mixed effects. We...

Using newly available data, we examine the effects of the agency conflicts between ultimate controlling shareholders and minority shareholders in China's publicly listed firms between 2004 and 2009. We measure the severity of these agency problems by the excess control rights of the ultimate...

Using two newly available datasets of exchange-listed firms in China covering the period from 1994 to 2003, we test if share-issue privatization, defined here as a change of corporate control from the State to private owners rather than the IPO event used in earlier studies, improved firm...

We present a game-theoretical model of privatization in transition economies. We consider the costs and benefits of government ownership and derive the net effect of government ownership on firm performance. Model predictions are consistent with empirical evidence in the literature.

In this paper we investigate whether inefficient bank loans can reduce the value of borrowing firms when expropriation of the stock of minority shareholders by controlling shareholders is a major concern. Using data from Chinese banks, we find that bank loan announcements generate significantly...

Regulators and governance activists are pressuring firms to abolish CEO duality (the Chief Executive Officer is also the Chairman of the Board). However, the literature provides mixed evidence on the relation between CEO duality and firm performance. Using the exogenous shock of the 1989...

In the present paper, the surface and size effects on the alloying ability and phase stability of immiscible alloy nanoparticles have been studied with calculating the heats of formation of Au-Pt alloy nanoparticles from the single element nanoparticles of their constituents (Au and Pt) with a...