Piotroski, Joseph D.; Zhang, Tianyu - In: Journal of Financial Economics 111 (2014) 1, pp. 111-136
, rent-seeking behavior is rampant, and the objectives of the state might not be to maximize capital market efficiency. We … promotion events. This effect holds for both state-owned and non-state-owned entities. For state-owned firms, the effect is … strongest in those provinces where the politicians are more likely to be rewarded for market development activity. For non-state …