Using the available monthly and annual data from 1866 to 1928, we study the premiums at which foreign silver coins and silver-backed currency circulating in China sold relative to melt value, at both Shanghai and San Francisco. Silver-backed Chinese currency typically sold at a slight premium to...

We study the consequences of corporate default using China's national credit registry. Borrowing after default declines if the lender or borrower is not state-controlled or if the borrower is located in a highly developed province. After default, a key social indicator, employment, does not...

We document a cross-border peer effect in corporate investment across two key economies, China and the US. Results show that investment by Chinese firms lags US peers without feedback in the other direction. This association is stronger for Chinese firms in manufacturing, with innovative US...

Using China’s introduction of U.S. style securities class actions (SCA), we examine consequences for shareholder wealth, aggrieved investor compensation, and fraud deterrence. In contrast to previous U.S. evidence, Chinese stock prices respond positively to the SCA rules released on July 31,...