In generating fast economic growth, China is also generating growing concern about its environmental record. Using 2000-2009 data, we find that, while spending on environmental infrastructure has visible positive environmental impact, city spending is strongly tilted towards transportation...

The tracking control of linear differential inclusions with stochastic disturbance is considered. The feedback law is constructed by the convex hull Lyapunov function. The design objective is to make the error system uniformly ultimately bounded in mean square. Finally, a numerical simulation is...

We examine the diversification patterns of almost all publicly listed non-financial companies in China during the 2001 to 2005 period. More than 70 percent of the firms in our sample are diversified. We document that patterns of diversification strongly depend on firms' political connections....

Where legal systems and market forces enforce contracts inadequately, vertical integration can circumvent these transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption. Vertical integration might then enhance returns to political...

This paper is concerned with robust stabilization of linear differential inclusion systems with time delay. A nonlinear feedback law is established by using convex hull quadratic Lyapunov functions to make the state exponentially stable. An example is given to illustrate the effectiveness of the...

We investigate how institutional factors influence the behavior of distressed firms in emerging markets, where bankruptcy laws are often weak and debtors have greater bargaining power in distress. By studying two comprehensive samples of distressed firms in China, we find that local government...