Using moderation and mediation analyses, we examine when and how a concentrated ownership structure might be beneficial for minority shareholders in China's stock markets. Our findings suggest that a median level of ownership concentration in Chinese private companies enhances earnings...

Our study is the first to examine the pricing effect of U.S. trade policy uncertainty (TPU) on Chinese stocks. We estimate the U.S. TPU beta, which measures Chinese stock exposure to the U.S. TPU index. Both portfolio analyses and cross-sectional regressions suggest a significantly negative...