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The book aims at perfecting the national governance system and improving national governance ability. It evaluates the balance sheets of the state and residents, non-financial corporations, financial institutions and the central bank, the central government, local government and external sectors...
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I consider the role of firm transparency in shaping its capital structure. In a costly-state-verification model, the … optimally choose zero leverage and finance themselves with equity. If firms can increase their transparency at a cost – say by …
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