We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...

We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...

Some Chinese listed companies pay out high dividends, despite the weak legal and institutional pressure on them to mitigate agency problems by paying dividends. We conjecture that such a phenomenon is caused by the differential pricing for tradable and non-tradable shares during the IPO of these...

Localization in the corporate setting is the extent to which expatriate managers are replaced by local employees originally held by expatriate managers. We sampled 229 multinational enterprises (MNEs) in the People's Republic of China and investigated the antecedents of localization success...

We explore how property rights protections across different regions in China affect the flow of proprietary information and managers' incentives to disclose details of financial and operating performance. Our focus on research and development spillovers as a proxy for information leakages to...

Three types of two bright bound solitons with increasing coherence are investigated in the Bose–Einstein condensates (BECs) with the exponentially time-dependent interparticle interaction in an expulsive parabolic potential. Two methods are provided with symbolic computation to improve the...

We study how uncompensated research and development (R&D) spillovers – the leakage of proprietary information through imitation or theft – affect firms’ investment decisions. Using variation in property rights protections across different regions within China we find that (1) uncompensated...